I Squared Nears $1.5 Billion Deal for ECP’s Liberty Tire

(Bloomberg) -- Energy Capital Partners, part of Bridgepoint Group Plc, is selling North American recycling platform Liberty Tire Recycling to infrastructure firm I Squared Capital for $1.5 billion, including debt, according to people familiar with the matter.

A deal could be announced as soon as Tuesday, the people said, asking not to be identified discussing confidential information. 

Some details including the timing could still change, the people added. Representatives for ECP and I Squared declined to comment. 

Working through a network of more than 50 facilities, Liberty Tire, which was acquired by ECP in 2021, collects and processes over 215 million end-of-life tires a year, converting them to reusable materials that support industrial, commercial, and consumer markets. 

Bridgepoint bought ECP last year, joining a slew of private equity firms in snapping up infrastructure investment firms to add to their platforms to appeal to a broader range of investors. 

ECP has exited other large holdings such as Calpine Corp, which was bought by Constellation Energy Corp. for $29 billion, including debt, in a deal earlier this year to create the largest fleet of US power stations.

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