Alston Capital Partners, a New York-based private equity firm that targets investments in the environmental and specialty manufacturing sectors, has led the recapitalisation of Michigan-based battery recycling business Battery Solutions.
Alston has partnered with the company’s founder Chris Sova for the deal, aimed at providing growth capital, the companies said in a statement released today.
In conjunction with the recapitalisation former Intechra Group CEO Michael Profit will take up the helm of Battery Solutions as CEO.
Robert Egan, founding partner of Alston, said, “Battery Solutions offered the opportunity to back a proven management team and invest in a market leader positioned for significant growth.
“The company fits Alston’s investment model which is focused on companies in the environmental sector whose products and services address long term macro trends, including; increasing population, depletion of natural resources, and increasing accumulation of waste.”
Battery Solutions is active in all 50 states and has developed flexible battery recycling solutions to handle all battery chemistries in an environmentally and regulatory compliant manner for corporations, government entities, municipalities, retailers, waste service providers and consumers.
Alston Capital Partners is currently raising maiden fund, which is looking to secure $100m.
Copyright © 2013 AltAssets