Prime Materials Recovery (PMR), East Hartford, Conn., has completed the acquisition of Miami-based Allied Metal Corp.
PMR concentrates on wire and cable recycling and operates processing facilities in Canastota, N.Y.; Willimantic, Con.; Shelby, N.C.; and Orangeburg, S.C. The company says it processes and brokers more than 360 million pounds of nonferrous metals each year.
Allied Metal Corp. has been involved in importing nonferrous metals throughout Latin America and the Caribbean for more than 50 years, according to a new release from PMR.
“We are excited about welcoming the Mosheim family (former owners of Allied) into ours and look forward to expanding our international sourcing capabilities with this acquisition,” says Bernard Schilberg, CEO of PMR. “It truly makes PMR a global leader in the industry."
In addition to processing wire and cable and other nonferrous scrap, PMR says it participates in the global metal market through its import and export capabilities. The company also “distributes a wide range of copper-based alloys, aluminum, tin, zinc, nickel and lead for resale to mills and foundries.”
Investment banking firm Carter Morse & Mathias (CMM), Southport, Conn., served as PMR’s financial advisor for the transaction. CMM says the terms of the transaction and financing are not being disclosed.
“Having worked with PMR in the past, we are excited to assist in closing such a strategically compelling transaction,” says Ramsey Goodrich, managing director of CMM.
Nate Schilberg, PMR’s president and CFO, comments, “CMM’s expertise in analyzing, structuring and negotiating this transaction was invaluable. Their quality advice and experience with family held middle market businesses and creative problem solving were essential to successfully closing this transaction.”