CAI Custom Alloys acquired by EverMetal

EverMetal Holdings LP, a Boulder, Colorado-equity fund backed in part by Washington-based GEF Capital Partners, has acquired CAI Custom Alloys LLC, a processor of high-performance and predominantly nickel-based superalloy scrap metals based in Belvidere, Illinois.

EverMetal is one of the world’s first dedicated critical metals recycling platforms, saying it has been created to strengthen domestic access to the strategic metals supply chain.

The new owner of CAI says it is focused on climate change and pollution mitigation and aims to build a viable alternative to purchasing mined minerals by creating an integrated recycling supply chain in the U.S.

CAI was founded in 2009, with EverMetal saying it has built an "outstanding reputation" for precision processing of complex nickel, cobalt and specialty metal scrap, supporting end markets across the aerospace, defense, power generation, medical and technology sectors.

"The company is one of a select few domestic processors holding vacuum-melt certification from major aerospace customers—a prerequisite for inclusion in critical component manufacturing," EverMetal says.

“CAI’s products play a quiet but vital role in United States national security,” EverMetal founder and CEO Hugo Schumann adds. “From jet engines to turbine blades, these recycled metals power mission-critical technologies. Our acquisition of CAI reflects our mission to secure and scale domestic recycling of these materials and reduce dependence on expensive, foreign-controlled sources of strategic materials.”

The superalloy market consists of critical metals used in aerospace, power generation, renewable energy and technology and electronics industries, and EverMetals says the mining of these materials is concentrated in a handful of locations in Africa and Asia.

“A recycled alternative in the U.S. allows American companies to purchase critical raw materials domestically while reducing costs, lowering greenhouse gas (GHG) emissions and taking greater control of their supply chain," EverMetal says, adding that with its capital and backing, CAI will accelerate investment in capacity growth, new processing technologies, geographic expansion and relationships with key defense and aerospace customers.

The integration of CAI into what EverMetal's growing superalloys platform provides foundational capabilities in sourcing, sorting and processing, and positions EverMetal for further acquisitions across the value chain, according to the equity firm.

“This is a landmark moment for CAI,” CAI President Jeff Rubino says. “EverMetal brings not just capital, but a powerful network across the metals recycling landscape, and a clear strategic vision. We are thrilled to join forces and scale CAI’s mission to deliver high-integrity, U.S.-recycled metals for America’s most demanding applications.”

On its website, EverMetal lists CAI Custom Alloys as its first portfolio company but lists as its strategy to become “the next market leader in the recycling and supply of super alloys.”