Repeats Group (which stands for Recycled PE AT Scale) announced its launch and plan to build a pan-European plastics recycling platform focused on producing high-quality recycled low-density polyethylene (LDPE) with a €100 million equity commitment from Ara Partners.
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Ara Partners is a global private equity firm that specializes in industrial decarbonization investments.
Repeats utilizes a best-in-class mechanical process to transform post-commercial plastic waste into high-quality resin suitable for commercial and industrial applications.
The company is scaling LDPE recycling capacity throughout Europe to address the shortage of supply compared to the growing demand required to meet industry sustainability and net zero targets, increasing consumer preferences for low-carbon products and stricter regulatory requirements around decarbonization.
Operations will be focused on core European markets characterized by dense population and underserved LDPE recycling capacity.
Through a combination of greenfield development, acquisitions and strategic partnerships, Repeats and Ara are committed to building a leading LDPE recycling platform in Europe.
Repeats is led by Greg Rung and a team of LDPE recycling executives who collectively have over 80 years of experience in the plastics recycling industry.
Mr. Rung was a Partner at Oliver Wyman, where he developed growth strategies and implemented integration programs for clients across Europe and emerging markets. The Repeats executive team has successfully built, scaled, and monetized plastic recycling businesses across Western Europe.
The team is well versed in the different mechanical and chemical technologies at the forefront of LDPE recycling, and they have strong relationships with European plastic collection agencies, converters and consumer product companies driving growth in the recycled LDPE resin market.
"The need for an effective, circular solution to the growing plastic waste problem is tremendous, and European businesses, consumers and governments are aligned in working towards higher utilization of recycled plastic," said Greg Rung, Repeats' CEO.
"We seek to partner with leading CPG (consumer packaged goods), petrochemical and plastic packaging manufacturing companies to create a high-quality supply source that is widely available throughout Europe. We are proud to partner with Ara, which shares this ambition and has expertise and resources to help achieve our objectives."
"The Repeats management team has the operational experience, strategic relationships, and drive to transform the European LDPE recycling market," said Tuan Tran, a Partner at Ara Partners. "They have an outstanding reputation in Europe and we are thrilled to partner with the Repeats team to build a pan-European recycling leader."
"Repeats has the opportunity to facilitate a material reduction in green house gas emissions through replacement of virgin plastic resin with recycled LDPE from its facilities," said Katy Boettcher, a Vice President at Ara Partners.
"We believe that the platform will have a meaningful impact on the markets it serves." ■