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| Client: |
Commercial Alloys Corporation |
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| Purchaser: |
Reserve Management Group / Imperial Zinc Corp. |
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| Business: |
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. |
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| Client Objective: |
BGL was engaged by Commercial Alloys to conduct a sale of the business pursuant to Section 363 of the U.S. Bankruptcy Code. |
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| Results: |
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. BGL was engaged to conduct a sale of the business pursuant to Section 363 of the U.S. Bankruptcy Code. BGL conducted a global auction process that included strategic acquirers as well as financial sponsors. 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. |
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