EAC acquired by Italy-based Metra

Italy-based Metra S.p.A. has completed its acquisition of Michigan-based recycled-content aluminum producer Extruded Aluminum Corp. (EAC) and its affiliated company Belding Machinery and Equipment Leasing LLC.

Metra, a global producer of extruded aluminum, has not disclosed the financial terms of the transaction. Metra itself is a portfolio company of New York-based KPS Capital Partners LP, whose presence in the recycled content metals industry also includes Hussey Copper of Pennsylvania.

Belding, Michigan-based EAC makes extruded aluminum profiles and offers related fabrication, assembly and finishing services. Last month, the company agreed to supply recycled-content extrusions to solar systems equipment maker Array Technologies.

“The acquisition of EAC marks a significant milestone for Metra as it accelerates our geographic expansion within North America and continues our end-market diversification strategy, including entry into the high growth North American utility grade solar industry,” Metra CEO Enrico Zempedri says.

Metra lists five locations in Europe and three in North America before the EAC acquisition (in Rome, Georgia, in the United States and two sites in Quebec in Canada).

“Furthermore, the acquisition of EAC will significantly enhance the combined business’ presence in North America and will allow each business to leverage the combined platform’s technical capabilities and asset base in order to best serve our global customer base," Zampedri says. "We are pleased to welcome the entire EAC team into Metra as we continue to build an industry leader in the global extruded aluminum market.”

New York-based TD Cowen served as debt capital markets advisor and New York-based Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal counsel to Metra and KPS. Toronto-based Origin Merchant Partners served as financial advisor and Grand Rapids, Michigan-based Varnum LLP served as legal counsel to EAC.

“EAC has grown from a two-press operation in 1987 to its current five press lines and has built its reputation on world-class quality and customer service," EAC President Charles Hall says. "Over the past 37 years the company has developed strong relationships with both its employees and its loyal customer base. This business combination will provide additional opportunities for our employees, as well as access to additional resources and capabilities for our customers.”