Investment firm purchases Strategic Materials
Littlejohn & Co. LLC, a private investment firm based in Greenwich, Connecticut, has acquired glass recycler Strategic Materials Inc. (SMI), based in Houston, from Willis Stein & Partners, Northbrook, Illinois, and London-based Vision Capital. Financial terms of the transaction were not disclosed.
SMI recovers and processes postconsumer and postindustrial glass, operating a network of 47 facilities across the U.S., Canada and Mexico. The company’s end markets include glass packaging, fiberglass insulation, flat glass and highway safety beads, as well as the air blast abrasives industry.
“Strategic Materials is a market leader with a unique customer value proposition and several actionable growth opportunities,” Brian Michaud, a principal at Littlejohn, says. “As recycled product demand and sustainable manufacturing practices have become a priority for numerous markets worldwide, we believe Strategic Materials is at the forefront to meet those product needs and services on a much larger scale.”
Denis Suggs, president and CEO of SMI, says, “This is an exciting new chapter for our company. Littlejohn has deep expertise in helping industrial companies reach their full potential, and we are pleased they have recognized the opportunities in our business. Littlejohn’s investment is a strong endorsement for SMI and our employees and will further advance the Strategic Materials Operating System (SMOS), which is rooted in continuous improvement, strategic growth and relentless execution.”
The transaction was subjected to customary closing conditions and closed in November 2017.