Closed Loop Partners makes a significant strategic investment in ERI; Founder & CEO Ron Gonen will join ERI’s Board
NEW YORK–(BUSINESS WIRE)–#ERI—ERI, the nation’s largest fully integrated IT and electronics asset disposition provider and cybersecurity-focused hardware destruction company and Closed Loop Partners, the leading investment firm focused on building the circular economy in North America and beyond, have announced that they have entered into a partnership.
As part of the partnership, Closed Loop Partners’ Leadership Fund, part of the private equity group at Closed Loop Partners, has made a significant strategic investment in ERI. The Closed Loop Leadership Fund, established in 2019, focuses on investing in and scaling businesses fundamental to keeping packaging, organics, electronics and apparel out of landfills and within a circular system. Investors in the Fund include Microsoft, Nestlé and Unilever as well as institutional investors and family offices. Ron Gonen, Founder and CEO of Closed Loop Partners has also been elected to ERI’s board of directors.
“ERI is the leading recycler of electronics in the United States, consistently demonstrating the viability of closed loop systems for high value materials,” said Gonen. “With Americans discarding $55 billion in e-waste annually, and the waste stream projected to grow more rapidly in the coming years, diverting these materials from landfills and back into manufacturing supply chains is critical. Our partnership with ERI will strengthen circular supply chains that ultimately benefit people, the planet and business.”
“This is the perfect time for a partnership between ERI and Closed Loop Partners,” said John Shegerian, ERI’s Chairman/CEO. “Due to a perfect storm of innovation, the internet of things, cars essentially becoming computers on wheels, an increase in wearable tech, the 4G to 5G switchover, increasing consumption, data privacy issues and other factors, e-waste is the fastest growing waste stream in the world – growing at a rate five times faster than any other waste stream. By partnering with our longtime friends at Closed Loop Partners, we are ideally positioned to play a meaningful role in accelerating change.”
“We are also honored to have Ron Gonen join our board,” added Shegerian. “It was Ron who introduced us to AMP Robotics, our partners in the development and implementation of our first-in-industry AI-driven robotic systems currently increasing operational efficiencies in our recycling facilities. He was also serving as Deputy Commissioner of Sanitation, Recycling and Sustainability for New York City when ERI teamed with the city to launch the city’s groundbreaking and award-winning residential e-waste pickup and recycling program, ecycleNYC. So there is tremendous synergy there. As a thought leader, Ron has already provided tremendous guidance and insight in terms of the circular economy and we are incredibly excited to be entering into this new level of collaboration with him and his team at Closed Loop Partners.”
About Closed Loop Partners:
Closed Loop Partners is a New York-based investment firm comprised of venture capital, growth equity, private equity, project-based finance and an innovation center focused on building the circular economy. Since its founding in 2014, Closed Loop Partners’ existing portfolio of more than 50 investments has diverted more than 4,600 million pounds of material from landfills and back into manufacturing supply chains. The firm has built an ecosystem that connects entrepreneurs, industry experts, global consumer goods companies, retailers, financial institutions and municipalities, bridging gaps and fostering synergies to scale the circular economy.
ERI is the largest fully integrated IT and electronics asset disposition provider and cybersecurity-focused hardware destruction company in the United States. ERI is certified at the highest level by all leading environmental and data security oversight organizations to de-manufacture, recycle, and refurbish every type of electronic device in an environmentally responsible manner. ERI has the capacity to process more than a billion pounds of electronic waste annually at its eight certified locations, serving every zip code in the United States. ERI’s mission is to protect people, the planet and privacy. For more information about e-waste recycling and ERI, call 1-800-ERI-DIRECT or visit https://eridirect.com.