St. Louis-based Alter Trading Corp. has announced that it has entered into a definitive agreement to purchase substantially all the assets of Tenenbaum Recycling Group (TRG) of Little Rock, Arkansas. The acquisition unites two scrap metal recycling companies that are both more than 120 years old and have very similar cultures and histories of success, Alter says in a news release regarding the purchase. The transaction is expected to close on or about Aug. 24.
Alter has operations in Alabama, Illinois, Iowa, Minnesota, Mississippi, Missouri, Nebraska and Wisconsin. Fifteen of those locations have auto shredders on-site, while TRG operates two auto shredders in North Little Rock and Rogers, Arkansas.
The addition of TRG's 10 locations—nine in Arkansas and one in Reeds Spring, Missouri—further expands Alter’s geographic reach and gives it more than 70 facilities total. Alter says it intends to continue to operate all of TRG’s existing locations and to maintain the company’s focus on safety, customer service and quality.
Bob Ellis, senior vice president and general counsel for Alter Trading Corp., says the TRG name will be retained because of the strong reputation it represents in the areas the company serves. In time, he says, “an Alter Co.” or similar wording will be added to the TRG name.
“This acquisition is the next important milestone in our growth strategy, and we are pleased to add another premier, family-owned, scrap metal recycler to Alter,” says Robert Goldstein, chairman of Alter Trading. “We are committed to the seamless integration of these two exceptional companies, and we look forward to joining the business communities in Arkansas and southern Missouri.”
In late 2016, Alter acquired Illinois-based Behr Iron & Metal. Prior to that purchase, Alter acquired Wausau Scrap and Recycling Corp. (WSRC), Wausau, Wisconsin, in early 2015 and All Metals Recycling of Ottumwa, Iowa, as well as Columbus Metals Inc. (CMI) of Columbus, Nebraska, in 2013.
“We knew that someday we would take advantage of the right opportunity to exit the industry to pursue our individual passions and could not be more proud of the Tenenbaum team for their accomplishments to this point,” says Harold Tenenbaum, who serves as chairman of the TRG board. “The Tenenbaum and Goldstein families have been friends and business associates for decades, and now that relationship will help preserve everything the families have championed.”
He adds, “We are very excited to place our business and history in the Arkansas and Missouri communities in the hands of our friends at Alter Trading and are comfortable knowing that Alter, like TRG, will support the communities that have enabled our family business to flourish.”
Jay Robinovitz, Alter president and CEO, says, “The Tenenbaum family will be a tough act to follow. The company and its current leadership team, led by CEO Jack Grundfest, are held in high regard in the industry and have built a remarkable company. It is a privilege to have an opportunity to work closely with this team. I look forward to welcoming them to Alter and together extending the pattern of success.”
Ellis says the TRG executive team and managers will remain with the company following the acquisition.
Founded in 1898, Alter Trading Corp. is a privately owned, fifth-generation company. In addition to its 70 U.S. locations, the company also has sales offices in Hong Kong and Shanghai.