Contact Information: Media Contact: David Gutierrez Dresner Corporate Services (312)780-7204 dgutierrez@dresnerco.com For General Inquiries: Vince Pappalardo Managing Director and Group Head - Metals (312)780-7227 vpappalardo@dresnerco.com Matt Phillips Senior Vice President (312)780-7244 mphillips@dresnerco.com
Dresner Partners Advises Cohen & Green on Its Sale to Recycle South LLC
| Source: Dresner Partners
CHICAGO, IL--(Marketwire - June 25, 2008) - Dresner Partners, a leading FINRA-registered
middle-market investment bank, announced that it recently advised Cohen &
Green Salvage Company and its sister companies, Lumberton Recycling Company
and Raeford Salvage Company, on its sale to Recycle South LLC. Terms of
the transaction, which closed on May 27, 2008, were not disclosed.
Cohen & Green Salvage, founded in 1946, in Fayetteville, N.C., is a leading
regional processor of ferrous and non-ferrous scrap metal with a strong and
longstanding base of retail and industrial customers throughout Southern
North Carolina. Together with its sister companies, which have operations
in Lumberton and Raeford, the three companies handle approximately 80,000
gross tons of scrap metal annually.
"The Cohen & Green companies have operated successfully with a rich
tradition in Southeastern North Carolina and we are pleased to have these
facilities and their employees as part of the Recycle South family," said
Marvin Siegel, Recycle South Chairman and CEO.
Michael Green, CEO of Cohen & Green and its sister companies, added, "We
believe our future with Recycle South will enhance the service we provide
to our suppliers and customers and will provide long-term opportunities to
our employees in an ever changing industry."
"We at Dresner were pleased to have helped the shareholders of Cohen &
Green and its sister companies achieve their objectives and position the
companies for continued growth," explained Vince Pappalardo, Managing
Director and Metals Industry Group Head at Dresner Partners. "Given the
highly complementary operations of the Cohen & Green companies and Recycle
South, we believe this transaction represents a terrific outcome for
everyone involved."
Recycle South, formed last year with the merger of Carolinas Recycling
Group and Atlantic Scrap & Processing, is headquartered in Spartanburg,
S.C. and now operates a total of 22 scrap metal processing facilities in
the Carolinas and Georgia with approximately 700 employees. Recycle South
is one of the leading metal recycling companies in the Southeast with
annual shipments of approximately 1.5 million gross ton of ferrous and 250
million pounds of non-ferrous scrap per year. As of May 2008, Recycle
South operated as a wholly-owned subsidiary of OmniSource Corporation, one
of the largest processors and distributors of scrap and secondary metals in
North America.
Based in Fort Wayne, Ind., OmniSource generates annual sales revenue of
$2.5 billion, from 5 million tons of ferrous scrap and 900 million pounds
of non-ferrous metals. OmniSource employs more than 2,000 people in 43
facilities located in the eastern United States and Canada.
OmniSource operates as a wholly-owned subsidiary of publicly-traded Steel
Dynamics, Inc. (NASDAQ : STLD ), the nation's fifth largest producer of
carbon steel products with 2007 annual revenues of $4.4 billion and annual
shipments of 6.2 million tons.
About Dresner Partners
Dresner Partners is a FINRA-registered, middle-market investment bank based
in Chicago, Illinois. Founded in 1991, Dresner Partners provides financial
advisory services to business owners and managers throughout the United
States, including institutional private placements of debt and equity,
merger & acquisitions, and valuation and strategic consulting services. Its
affiliate company, Dresner Corporate Services, is a strategic
communications firm specializing in investor and public relations. More
information is available via the Internet at www.dresnerpartners.com.