Canadian-Based Recycler Seeks Acquisition of Steel Mill

Triple M Metal LP, a Toronto-based scrap metal recycling firm, has made an offer to acquire the assets of Royal Laser Corp., based in Ontario, Canada, for $43.5 million. Royal Laser is a manufacturer of flat rolled steel for the automobile market. Royal Laser also custom fabricates products for the industrial, environmental, automotive and construction industries in Canada, the United States and Mexico.

Publicly traded Royal Laser also owns and operates six subsidiaries that provide clients with a one-stop-shop for the supply and fabrication of standard and customized products.

In addition to a scrap metal recycling facility, Triple M owns a real estate development company, an aluminum remelt plant and a construction company that specializes in industrial and commercial projects.

Royal Laser and Triple M intend to finalize and sign during the exclusive period a definitive support agreement and lock-up agreements with Jaguar Financial Corp., and William Iannaci, who collectively own 32 percent of the company's outstanding common shares.

The friendly takeover bid would require that Royal Laser sell its non-core assets, including Royal Laser Manufacturing, WAM Industries, Smokey Manufacturing, Thunder Tool and Envyrozone to a company controlled by William Iannaci, co-CEO of the company.