The deal will enable Close the Loop to focus on resource recovery in the US, giving it a significant remanufacturing and reuse presence in the US, and ‘extensive’ distribution networks, while for ISP it would provide a route to expand in overseas markets.
Funding for the deal includes a non-discounted US$45m capital raising. The capital raising was immediately successful. The founders of ISP Tek Services will now become substantial shareholders in Close the Loop.