Livingstone completes deal for United Milwaukee Scrap
Livingstone is pleased to announce the sale of United Milwaukee Scrap (“UMS” or the “Company”) to Alter Trading Corporation (“Alter”). Livingstone acted as financial advisor to the Company. The receivership sale was consummated pursuant to Chapter 128 of the State of Wisconsin Statutes.
Headquartered in Milwaukee, Wisconsin, UMS was founded in 2003 through the merger of multiple family companies, many of which have been operating since the early 1900s. The Company has an established history, providing service to the greater Milwaukee area as well as the Upper Midwest via additional locations in Merrill, Wisconsin, and Minneapolis, Minnesota. UMS buys, processes, and sells scrap metals generated from a variety of sources and is a leading player in the greater Milwaukee scrap landscape.
Headquartered in Saint Louis, Missouri, Alter operates over 70 scrap metal recycling facilities in eight states. The acquisition serves to further enhance Alter’s presence in key geographies with the addition of UMS’s seven locations in greater Milwaukee and the Upper Midwest. With its reputation for innovation, Alter’s state-of-the-art facilities position it as one of the most reliable suppliers of scale in the industry. UMS will become an integral part of that operation.
Livingstone Partner Joe Greenwood stated, “The UMS and Alter transaction exemplifies our team’s dedication to achieving a true market-clearing outcome for our clients.”
Livingstone Partner Mike Jenny also commented, “This transaction demonstrates continued consolidation in the scrap metal space, indicating the potential for additional deal volume heading into 2020.”
The sale to Alter highlights Livingstone’s unique ability to pair its industry sector knowledge with unique service line expertise across its special situations, sell-side M&A, and debt advisory practices.
Silverman Consulting acted as restructuring advisor and interim management to UMS, Reinhart Boerner Van Deuren provided counsel to UMS, and DeMarb Brophy was the court appointed Receiver.
