Nuveen Global Impact Fund joins with TZP Group to recapitalize America's Thrift Stores
Summary
As part of the investment, Nuveen will obtain a seat on the companys board of directors and will work collaboratively with the company to set KPIs and manage towards best-in-class social and environmental performance.More than 20 billion pounds of reusable textiles are sent to landfills each year, said David Haddad, co-head of private markets impact investing at Nuveen. By encouraging sustainable reuse, while also creating dynamic and valued shopping experiences for its customers, Americas Thrift is directly tackling this challenge in the communities it serves. We are excited to partner with management and look forward to supporting the companys continued growth.Through a network of more than 2,500 donation sites, Americas Thrift diverts more than 50 million pounds of clothing and household items from landfills each year, finding ways to reuse, recycle and repurpose goods, while generating significant revenue for a number of local charity partners. The company has pioneered an innovative, data-driven approach to procuring and sorting items, enabling them to market and resell through multiple channels in high volumes.We are thrilled to be partnering with Nuveen given their longstanding and deep institutional experience in impact investing, said Ken Sobaski, CEO of Americas Thrift. In addition, the Fund targets investments that expand access to and reduce the cost of basic products and services for underserved consumers.