Sims Ltd. has agreed to sell a majority stake in a company that processes and markets much of the waste produced in the city of New York.
Sims said it will sell a 50.46 percent interest in Sims Municipal Recycling of New York, LLC to an investor group that includes funds managed by Closed Loop Partners for $45.4 million. It expects the deal to close in the third quarter of the 2022 fiscal year.
Sims Municipal Recycling operates four recycling facilities, mostly in the New York-New Jersey metro region. It processed 660,000 metric tons of municipal curbside waste in the 2021 fiscal year.
“This transaction demonstrates Sims’s leadership and commitment to innovate quickly – and at scale – and to maximize opportunities within the circular economy,” said Alistair Field, Sims’s chief executive and managing director.
Published in the February 2022 Edition