German recycled-plastic manufacturer receives funding
Silver Lake Kraftwerk, a private equity firm headquartered in Menlo Park, California, has committed $40.1 million in Friedola Tech, a recycled plastics processing company that produces high-quality, environmentally-friendly products and components for the automotive and packaging industries.
The investment will provide growth capital to enable further product innovation, development in key market segments and expansion into new geographic regions, including the opening of a world-class manufacturing facility in Greenville, South Carolina.
Under the terms of the transaction WHEB Partners, a European-based resource efficiency private equity firm, has agreed to sell its majority stake in Friedola Tech to Silver Lake Kraftwerk while remaining a shareholder. Once the transaction has closed, Silver Lake Kraftwerk will become the majority owner, alongside existing co-investor Kleiner Perkins Caufield & Byers (KPCB) which co-led the transaction and increased its ownership of Friedola Tech.
Based in Geismar, Germany, Friedola Tech is a manufacturer and marketer of recycled plastic products with a focus on the automotive and packaging sectors. The company supplies lightweight, recyclable and environmentally friendly plastic solutions to a variety of industries and boasts an innovative and proprietary product portfolio, including their signature product platform, CON-Pearl. As a Tier-1 supplier, Friedola Tech’s plastic solutions are a key component in the lightweight efforts of a number of their customers, including leading car manufacturers.
The deal is currently pending anti-trust approval by the German authorities.