Alter Trading Acquires Tenenbaum Recycling
Alter Trading Corporation, St. Louis, Mo., announced August 13 that it has entered into a definitive agreement to purchase substantially all the assets of Tenenbaum Recycling Group (TRG), based in Little Rock, Ark. The acquisition brings together two 120-year-old scrap metal recycling companies, both with a history of shipping scrap via barge. Tenenbaum has historically shipped scrap metal out of the Oakley terminal in Little Rock. Alter said it hopes to continue doing that, but no plans have been made as of yet.
The addition of TRG’s 10 locations, primarily in Arkansas, further expands Alter Trading’s geographic reach and increases its number of facilities to more than 70. Alter Trading said that it intends to continue to operate all of TRG’s existing locations and to maintain its focus on safety, customer service and quality.
“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,” said 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,” said Harold Tenenbaum, chairman of the board of TRG. “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. We are very excited to place our business and history in the Arkansas and Missouri communities in the hands of our friends at Alter Trading, and are comfortable knowing that Alter, like TRG, will support the communities that have enabled our family business to flourish.”
“The Tenenbaum family will be a tough act to follow,” said Jay Robinovitz, Alter Trading’s president and CEO. “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. It is a privilege to have an opportunity to work closely with this team. I look forward to welcoming them to Alter, and together extending the pattern of success.”
The transaction was expected to close on or about August 24.
