BGL Completes the Sale of Commercial Alloys Corporation
July 08 2009
Brown Gibbons Lang & Company is pleased to announce the sale, pursuant to Section 363 of the U.S. Bankruptcy Code, of the assets of Commercial Alloys Corporation and its affiliates. Commercial Alloys voluntarily filed for bankruptcy protection on November 26, 2008 after suffering losses resulting from the significant decline in the price of aluminum as well as the slowdown in global manufacturing activity. The sale was consummated through two separate transactions, with Commercial Alloys’ recycling operations located in Twinsburg, Ohio and Jacksonville, Florida being acquired by Solon, Ohio-based Reserve Management Group and the Company’s melting operations located in Minerva, Ohio and Scottsboro, Alabama being acquired by Chicago, Illinois-based Imperial Zinc Corp.
Established in 1983, Commercial Alloys is one of the largest and most reputable metals recyclers and producers of secondary aluminum products in the United States. The company provides single-source scrap metal collection programs; a comprehensive suite of secondary aluminum products, including ingots, sows, notch bars, and deoxidant cones in various standard and customized grades and sizes; and aluminum tolling services. Commercial Alloys also produces shredded and baled aluminum products as well as a variety of custom molten metal treatment additives. In addition, the Company engages in the disassembly of complex materials for the recovery and sale of specialty alloys, including copper, brass, titanium, stainless steel, and other nickel-based high temperature alloys.
Scott T. Berlin, Managing Director & Principal at BGL commented on the transaction, “We are pleased with the results of a complex and collaborative effort culminating in transactions that provide for the continued operation of Commercial Alloys’ assets. The successful outcome is a testament to the senior management of Commercial Alloys as well as the various professionals who have dedicated countless hours to the process since late November.”
Larry Musarra, former President & CEO of Commercial Alloys commented on BGL’s involvement in the process by saying, “BGL was intimately involved in all aspects of the bankruptcy process. Their hard work and creativity were key to the successful outcome of the transaction. BGL’s deal team worked in collaboration with our other professionals to expertly manage this complex and highly fluid process.”
Scott T. Berlin and Cameron S. Miele, Director & Principal, led the BGL transaction team, and Marc B. Merklin and Alan M. Koschik, both partners at Brouse McDowell, LPA, served as counsel to Commercial Alloys.
About Brown Gibbons Lang & Company
Brown Gibbons Lang & Company is a leading independent investment bank serving middle market companies and their owners throughout the U.S. and internationally. BGL’s professionals are experts in mergers & acquisitions, debt & equity placements, financial restructurings and valuations & financial opinions. BGL is the U.S. partner in www.globalma.com
, the world’s leading partnership of independent middle market financial advisory firms focusing on cross-border transactions. For more information, visit www.bglco.com.
About Brouse McDowell, LPA
Brouse McDowell, LPA is a leading regional business law firm employing 70 attorneys in three offices, located in Akron, Cleveland and Lorain County. Recognized in 2008 for celebrating its 90th anniversary, Brouse McDowell’s client roster includes many of Northeast Ohio’s most respected businesses and institutions and its attorneys practice in the areas of Business, Corporate and Securities, Commercial and Bankruptcy, Environmental, Estate, Succession Planning and Probate Administration, Health Care, Insurance Recovery, Intellectual Property, Labor and Employment, Litigation, Real Estate and Corporate Tax. For more information, visit www.brouse.com
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