Houlihan Lokey Advises I Squared Capital

Houlihan Lokey is pleased to announce that I Squared Capital (I Squared) has acquired Liberty Tire Recycling (Liberty), a portfolio company of Energy Capital Partners (ECP). The transaction closed on December 18, 2025.

Liberty is North America’s premier end-of-life tire recycling platform, providing comprehensive tire collection, processing, and recycling solutions. The transaction adds Liberty to I Squared’s growing global portfolio of environmental infrastructure platforms and reinforces the firm’s commitment to building sustainable businesses that deliver both economic and environmental value.

Liberty is committed to partnering with industry leaders to help inspire a more sustainable planet. Liberty is continuously striving to find new and better ways to reclaim, recycle, reuse, and repurpose more than 215 million end-of-life tires the company collects annually for renewable solutions that benefit the long-term health of the world. As the market leader in tire recycling management in North America, diverting more than 4.5 billion pounds of rubber from landfills each year, Liberty’s passion is to make the world a better place to live for generations to come by boldly changing the way the industry approaches sustainability.

I Squared is a leading global infrastructure investor managing $50 billion in assets. I Squared builds and scales essential infrastructure businesses that deliver critical services to millions of people worldwide. I Squared’s portfolio includes over 90 companies operating in more than 70 countries, spanning sectors such as energy, utilities, digital infrastructure, transportation, environmental, and social infrastructure. Headquartered in Miami, I Squared’s team of over 300 professionals is based across offices in Abu Dhabi, London, Munich, New Delhi, São Paulo, Singapore, Sydney, and Taipei.

ECP, founded in 2005, is a leading investment firm across energy transition infrastructure, with a focus on investing in electricity and sustainability infrastructure—providing reliable, affordable, and clean energy. In 2024, ECP combined with London-listed Bridgepoint Group Plc (LSE:BPT.L) to create a global leader in value-added, middle-market investing with a combined $87 billion of assets under management across private equity, credit, and infrastructure.

Houlihan Lokey acted as the exclusive financial advisor to I Squared. This transaction highlights Houlihan Lokey’s preeminent position and continued success advising clients in the environmental services sector and, more specifically, the firm’s leading market share in advising on specialty waste transactions. Houlihan Lokey represented Liberty in its sale to ECP in 2021.

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