Goldman Sachs Asset Management has led a $100 million financing round for Recover, a recycled cotton manufacturer that supplies to clothing brands such as Primark, Land’s End and C&A. Letitia Webster, chief sustainability officer at GSAM, will join Recover’s board. “Goldman Sachs is committed to partnering with innovative businesses that help drive sustainability,” Webster said in a statement.
GSAM has raised $1.2 billion for its debut private equity impact fund, Horizon Environment and Climate Solutions, according to affiliate publication Private Equity International’s database. The fund sits in GSAM’s Sustainable Investment Group, lead by partner Ken Pontarelli. Goldman Sachs declined to comment on whether the Recover investment came from the Horizon fund.
Recover is majority-owned by Story3, a private equity firm founded by 20-year Goldman Sachs veteran Peter Comisar. Story3 first invested in Recover in 2020 and participated in the company’s latest funding round. The company is run by the fourth generation of the Ferre family, which began producing cotton from textile waste in 1947, according to the company’s website.