Alter purchases Tenenbaum Recycling Group
St. Louis-based Alter Trading Corp. has announced that it has entered into a definitive agreement to purchase substantially all the assets of Tenenbaum Recycling Group (TRG) of Little Rock, Arkansas. The acquisition unites two scrap metal recycling companies that are both more than 120 years old and have very similar cultures and histories of success, Alter says in a news release regarding the purchase.
Alter has operations in Alabama, Illinois, Iowa, Minnesota, Mississippi, Missouri, Nebraska and Wisconsin. Fifteen of those locations have auto shredders on-site, while TRG operates two auto shredders in North Little Rock and Rogers, Arkansas.
The addition of TRG’s 10 locations—nine in Arkansas and one in Reeds Spring, Missouri—further expands Alter’s geographic reach and gives it more than 70 facilities total. Alter says it intends to continue to operate TRG’s existing locations.
Bob Ellis, senior vice president and general counsel for Alter, says the TRG name will be retained because of the strong tradition it represents. In time, he says, “an Alter Trading Co.” or similar wording will be added to the TRG name.
“This acquisition is the next important milestone in our growth strategy, and we are pleased to add another premier, family-owned, scrap metal recycler to Alter,” says Robert Goldstein, chairman of Alter Trading. “We are committed to the seamless integration of these two exceptional companies, and we look forward to joining the business communities in Arkansas and southern Missouri.”
“We knew that someday we would take advantage of the right opportunity to exit the industry to pursue our individual passions and could not be more proud of the Tenenbaum team for their accomplishments to this point,” Harold Tenenbaum, who serves as chairman of the TRG board, says. “The Tenenbaum and Goldstein families have been friends and business associates for decades, and now that relationship will help preserve everything the families have championed.”
Jay Robinovitz, Alter president and CEO, says, “The Tenenbaum family will be a tough act to follow. The company and its current leadership team, led by CEO Jack Grundfest, are held in high regard in the industry and have built a remarkable company.”
Ellis says the TRG executive team and managers will remain with the company following the purchase.
Transpere acquires IMS Electronics Recycling
Carrollton, Texas-based Transpere Corp. has acquired IMS Electronics Recycling, which has locations in Poway, California, and Columbus, Ohio.
Yulan Peng-Lewis, chair of Transpere, says the deal grows the company’s national footprint from its single location in Texas.
Rick Lewis, Transpere CEO and president, says, “IMS Electronics Recycling has been a proven leader in the ITAD (information technology asset disposition) and e-scrap industries for many years. We are excited to bring IMS onboard to the Transpere team. We are convinced that with this acquisition, Transpere will be able to better serve our existing clients and will provide additional capacity to generate new relationships.”