Recover™ Accelerates Growth With $100 Million Minority Equity Investment Led by Goldman Sachs Asset Management, Partnering With Existing Investor STORY3 Capital Partners
9.6.2022 13:00:00 EEST | Business Wire | Press release
Recover™, a leading materials science company and producer of sustainable, premium recycled cotton fiber and cotton fiber blends, announced today that it has closed a new $100 million minority equity capital investment led by the Sustainable Investing business within Goldman Sachs Asset Management (Goldman Sachs). Goldman Sachs is investing alongside majority shareholder STORY3 Capital Partners.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220607005869/en/
Goldman Sachs x Recover™ (Photo: Business Wire)
Recover will use the investment to accelerate its global expansion and production capacity, allowing more rapid adoption of sustainability initiatives by leading brands and retailers. Recover serves some of the largest and most recognizable retailers, brands and vendors in the world, including, among others, Primark, Inditex, C&A, Revolve and Lands’ End.
Recover’s proprietary recycled cotton fiber reduces the carbon and water intensity of the apparel supply chain, addressing the apparel sector’s contribution to one of the world’s largest sources of environmental degradation. Recover estimates that the new investment places Recover on a path to increase its production to over 350,000 metric tons of recycled cotton fiber per year by 2026, saving up to 5 trillion liters of water annually—equivalent to the drinking water consumed by over 4.5 billion people each year—and allowing for significant reductions of carbon emissions, energy and land use relative to conventional cotton fiber, based on industry research.*
“Goldman Sachs is committed to partnering with innovative businesses that help drive sustainability,” said Letitia Webster, Managing Director and Chief Sustainability Officer of Goldman Sachs Asset Management Division. “Recover is a leading disruptor in the apparel and textiles space with much-needed sustainable solutions grounded in materials science. We’re excited to invest in Recover’s growth to accelerate scaled production and the continued development of its technologies.” As part of the transaction, Webster will join the Board of Directors of Recover.
“Recover is helping create a sustainable future by solving a colossal environmental issue and we are overjoyed to partner with Goldman Sachs to accelerate our growth,” said Alfredo Ferre, fourth-generation family steward and CEO of Recover. Ben Malka, Operating Partner at STORY3 Capital Partners and Executive Chairman of Recover, stated, “Recover has perfected the art and science of scaled production of sustainable recycled cotton fiber over more than 70 years across multiple generations of the Ferre family in Spain. Today, Recover offers a solution grounded in proprietary IP that provides cost-competitive, maximum-performance recycled cotton fiber for both rotor and ring-spinning applications.”
The Recover brand is an important part of leading retailers’ and brands’ sustainability commitments and credentials, and a growing number of Recover’s customers are co-branding products with Recover to showcase that they have been produced with the company’s recycled cotton fiber. Operating in the $50 billion cotton market, Recover is a leading innovator and category-defining business that has experienced rapid growth. The company has opened new manufacturing hubs in Pakistan and Bangladesh, with additional hubs in Bangladesh and Vietnam due to open in the near term.
“For change to happen at scale across the fashion industry, we need partnership and collaboration with innovators like Recover,” said Lynne Walker, Director of Primark Cares, Primark. “As we increase the use of Recover’s recycled cotton fiber in Primark products, this investment will enable us to meet our pledge to make more sustainable fashion affordable to millions of customers.”
Peter Comisar, Managing Partner of STORY3 Capital Partners and former Partner of Goldman Sachs, said, “We are incredibly proud that our collaboration with Recover has enabled the business to dramatically scale since our acquisition in 2020. Over the coming years, we will see radical transformation of large industries with sustainable solutions. Recover is uniquely positioned to be the global leader in sustainable cotton fiber and we are excited to partner with Goldman Sachs on the next phase of Recover’s evolution.”
*Source: LCA study verified by AITEX, Universitat de València and UNESCO.
About Recover™
Recover™ is a leading materials science company and global producer of low-impact, high-quality recycled cotton fiber and cotton fiber blends. Its premium, environmentally friendly, cost-competitive products are created in partnership with the supply chain for global retailers and brands, offering a sustainable solution to close the loop on fashion. As a fourth-generation, family-owned company with a 70-year history in the textile industry, Recover is on a mission to scale its proprietary technology to make a lasting positive impact on the environment and partner with brands/retailers and other change makers to meet the industry’s sustainability targets. For more information, visit www.recoverfiber.com and follow @recoverfiber on social media.
About STORY3 Capital Partners
STORY3 is a leading alternative investment manager exclusively focused on the consumer value chain, including businesses at the intersection of consumer and sustainability. Since the firm’s inception in October 2018, the STORY3 team has sourced, arranged and executed over $1 billion of capital transactions in consumer-facing businesses. STORY3 employs a flexible investment strategy and pairs deep industry expertise, operating support, and unique transactional experience to support value creation for its partners. For more information, please visit www.story3capital.com .
About Goldman Sachs Asset Management
Bringing together traditional and alternative investments, Goldman Sachs Asset Management provides clients around the world with a dedicated partnership and focus on long-term performance. As the primary investing area within Goldman Sachs (NYSE: GS), we deliver investment and advisory services for the world’s leading institutions, financial advisors and individuals, drawing from our deeply connected global network and tailored expert insights, across every region and market—overseeing more than $2 trillion in assets under supervision worldwide as of March 31, 2022. Driven by a passion for our clients’ performance, we seek to build long-term relationships based on conviction, sustainable outcomes, and shared success over time. Follow us on LinkedIn.
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220607005869/en/
Contact information
Media Contacts:
For Recover and STORY3
Stacy Berns / Michael McMullan
Berns Communications Group
sberns@bcg-pr.com / mmcmullan@bcg-pr.com
For Goldman Sachs
Avery Reed
Goldman Sachs & Co. LLC
Avery.Reed@GS.com
+1 212 902 5400
About Business Wire
For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Insurance Investment Outsourcing Surpasses $5.5 Trillion as Private Markets and Global Expansion Reshape the Industry20.5.2026 10:00:00 EEST | Press release
Clearwater Analytics (NYSE: CWAN) today released the 2026 Insurance Investment Outsourcing Report (IIOR), produced in partnership with DCS Financial Consulting. The report captures $5.5 trillion in third-party general account insurance assets under management across 96 asset managers, a 23% increase year-over-year and a 65% increase since 2021, alongside $1.8 trillion in assets under advisement across 12 investment consultants. The findings point to an outsourcing market that has become larger, more global, and materially more complex. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260520780028/en/ The 2026 IIOR reveals defining trends reshaping insurance investment management: Private Markets Cross a Threshold. Third-party private insurance AUM has more than doubled since 2021, reaching $947 billion and approaching one-third of outsourced insurance allocations alongside public assets. Insurers have moved steadily beyond tra
Factbird Adds Quality & Compliance and Reports to its Manufacturing Intelligence Platform20.5.2026 09:00:00 EEST | Press release
Today, Factbird is announcing two major additions to its manufacturing intelligence platform: Quality & Compliance and Factbird Reports. Both address a problem that compounds as manufacturers grow. More sites mean more variation in how work gets done. More regulation means more documentation pressure on frontline teams. And more data, when fragmented across systems, often slows decisions rather than speeding them up. Solving this has traditionally meant large IT projects and months of deployment. “Enterprise manufacturers shouldn’t have to choose between capability and simplicity,” said Mogens Arne Hansen, Chief Technology and Product Officerat Factbird. “With Quality & Compliance and Reports, you can have standardized, audit-ready operations and automated performance reporting across every site, deployed in days, used by the people on the floor.” Quality & Compliance: standardized, compliant operations across every site Regulated manufacturers in food and beverage, pharma, and medical
The LYCRA Company to Successfully Complete Comprehensive Financial Restructuring20.5.2026 05:23:00 EEST | Press release
The LYCRA Company, LLC (“the Company”), a global leader in developing fiber and technology solutions for the apparel and personal care industries, will successfully complete its comprehensive financial restructuring process and emerge from Chapter 11 protection on May 20, 2026. The LYCRA Company has established a durable capital structure that will enable the Company’s pursuit of its growth strategy through investment in innovation, customer partnerships, and global operations. The Company will emerge from its comprehensive restructuring process with significantly enhanced financial flexibility and a strengthened balance sheet to support long-term growth. The Company will have reduced its total long-term debt by more than $1.2 billion and will obtain more than $75 million in new money investment. Throughout the process, the Company has maintained uninterrupted operations and continues to deliver on commitments to its employees, customers, and vendors. The LYCRA Company will be supporte
Johns Manville Announces John Vasuta as New CEO19.5.2026 23:30:00 EEST | Press release
Johns Manville (JM), a global building and specialty products manufacturer and a Berkshire Hathaway company, announced today that Bob Wamboldt will retire and John Vasuta will assume the role of President and Chief Executive Officer, effective August 1, 2026. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260519630814/en/ John Vasuta will become JM's CEO and President on August 1, 2026. Vasuta joined Johns Manville in 2019 as President of the company’s Engineered Products business. He also serves on the Board of Directors for EJ, a global leader and private manufacturer of infrastructure access products for water, sewer, utilities, drainage and telecommunications. “It’s an extraordinary privilege to step into the role of CEO,” Vasuta said. “I’m deeply honored to continue serving our customers and supporting the employees whose dedication makes our success possible.” Before joining JM, John held leadership roles at Bridgeston
Mereo Insurance Announces Move into Excess Casualty Insurance19.5.2026 23:12:00 EEST | Press release
Mereo Insurance Limited (“Mereo”) today announced a renewal rights transaction with Everen Specialty Ltd. (“ESL”), a member of the Everen Group, for ESL’s Excess Casualty Energy portfolio. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260519154915/en/ David Croom-Johnson, President & Chief Executive Officer of Mereo Insurance Limited Under the transaction, Mereo will become the insurance carrier on a go-forward basis for both new and renewed business effective June 1, 2026. ESL’s underwriting team and underwriting systems supporting the Excess Casualty Energy portfolio will also transition to Mereo, led by former ESL Chief Underwriting Officer, Carla Greaves. Under the terms of the agreement, Mereo will provide ESL insureds with continuity of coverage, access to AM Best “A- rated” paper, and the support of Mereo’s strong capital base, while ESL will service claims, ensuring that insureds continue to benefit from ESL’s promp
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom