Circular Textile Phoenix Renewcell Is Bought Out Of Bankruptcy
Private equity firm Altor, which is renaming the company Circulose, recently raised 3 billion euros to invest in green
Greenbiz 2:17 pm on June 7, 2024
Green private equity firm Altor acquired bankrupt circular textile company Renewcel, which was renamed to Circulos. The acquisition aims to develop and scale up the production of low-carbon recycled textiles amidst growing industry support for sustainable fashion practices.
- Acquisition: Altor's private equity firm acquired Renewcel, now rebranded as Circulos.
- Sustainability Focus: The move aligns with the circular fashion industry's goal to increase accessibility to recycled textile materials and scale production.
- Industry Support: Renewcel had backing from various entities in its mission, including brands, fiber producers, and nonprofits.
- Previous Partnerships: Circulos' products have been previously used by Levis jeans and H&M dresses for their fashion collections.
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