has acquired a substantial interest in
Prime Material Recovery is one of the largest non-ferrous metal processors and distributors in the United States. Headquartered in East Hartford, CT, PMR operates state of the art processing facilities in Canastota, NY, Willimantic, CT, Shelby, NC and Orangeburg, SC. PMR processes and brokers in excess of 360 million pounds of non-ferrous metals each year. In addition, PMR actively participates in the global metal market via its import and export capabilities.
PMR was looking for expanded multinational sourcing operations of high grade metals. Located in Miami, FL, Allied Metal Corporation has specialized in importing non-ferrous metals throughout Latin America and the Caribbean and processing and distributing products globally for more than 50 years. Paul Mosheim, and three generations of his family, will remain with the Company and continue to lead its international operations.
Bernard Schilberg, CEO of PMR, commented: "We are excited about welcoming the Mosheim family into ours and look forward to expanding our international sourcing capabilities with this acquisition. It truly makes PMR a global leader in the industry." As part of the transaction CMM assisted in arranging a new $80 million financing facility which was provided by a bank syndicate including HSBC Bank (as agent), First Niagara Bank, and Keybank.
Nate Schilberg, President and CFO of PMR continued "CMM's expertise in analyzing, structuring and negotiating this transaction were invaluable. Their quality advice and experience with family held middle market businesses and creative problem solving were essential to successfully closing this transaction."
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