Key transactions & industry news Weekly Update

Recent M&A Transactions

Metals & Mining

Jan. 15, 2025 – BHP Investments Canada Inc. and Lundin Mining Corporation completed the acquisition of Filo Corp, which owns 100% of the Filo del Sol (FDS) copper project. (BHP)

Jan. 15, 2025 – Minerals 260 (ASX: MI6) acquired the Bullabulling gold project in Western Australia from Norton Gold Fields, part of China’s Zijin Mining, for ~$103.6M. (Yahoo Finance)

Jan. 14, 2025 – CONSOL Energy Inc. and Arch Resources, Inc. completed the merger of equals to form Core Natural Resources, Inc(PR Newswire)

Jan. 13, 2025 – Venture Metals+, a leader in sustainable metal recycling solutions, has acquired Thalheimer Brothers LLC and Mega Metals LLC. Both acquired companies specialize in the processing of non-ferrous metal within the utilities, aerospace, construction and general industrial markets. (PR Newswire)

Jan. 6, 2025 – Lapham-Hickey Steel acquired Alkar Steel and Processing. Alkar’s 125,000 sq. ft. facility in Warren, MI offers a variety of slitting capabilities, as well as cold-rolled, galvanized, high-carbon, and hot-rolled pickled and oiled products. (The Fabricator)

Transportation & Logistics

Jan. 14, 2025 – United Rentals, Inc. (NYSE: URI) and H&E Rentals (NASDAQ: HEES) have entered into a definitive agreement under which United Rentals will acquire H&E for ~$4.8B. (United Rentals)

Jan. 13, 2025 – Allegiance Trucks, a leading provider of commercial truck sales, service and parts, acquired HFI Truck Center, an Isuzu dealership in Mountainside, NJ. This strategic move significantly expands Allegiance Trucks’ presence in New Jersey and the Greater New York City metro area, enhancing its ability to serve customers in one of the nation’s busiest transportation hubs, while also strengthening its foothold with Isuzu’s globally recognized brand. (Business Wire)

Jan. 12, 2025 – Abu Dhabi sovereign fund ADQ offered to take full control of Aramex PJSC for ~$1.2B. ADQ, through its subsidiary Q Logistics Holding LLC, proposed to buy all the Aramex shares that aren’t owned by Abu Dhabi Ports, which is also controlled by the sovereign wealth fund and has a 22.69% stake in Aramex. (Bloomberg)

Jan. 9, 2025 – Utility Trailer of California acquired Troutdale, OR-based TNT Trailer Sales. The newly acquired dealer will now operate under the name Pacific Coast Utility Trailer. (Utility Trailer)

Building Products & Materials

Jan. 14, 2025 – Building Products Inc. completed its acquisition of Heartland Millwork, a premier custom millwork manufacturer based in Larchwood, IA. The acquisition strengthens BPI’s position in the millwork market and expands its manufacturing capabilities. (LBM Journal)

Jan. 13, 2025 – Heartland Paving Partners, a leading provider of commercial parking lot asphalt and concrete repair and maintenance services, acquired Garden State Pavement Solutions, a full-service pavement solutions provider serving New Jersey and parts of eastern Pennsylvania. This acquisition marks Heartland’s entrance into the New Jersey market and underscores its continued focus on northern climates with high demand for pavement services. (PR Newswire)

Jan. 7, 2025 – Wincore Window Company, LLC has been acquired by Fernweh Group LLC. Wincore is a manufacturer of vinyl windows, impact windows, fiberglass entry doors, and sliding patio doors primarily for the residential market. (LBM Journal)

Jan. 6, 2025 – Watts Water Technologies, Inc., (NYSE: WTS) acquired I-CON Systems Inc., a leading provider of plumbing control solutions primarily for the corrections market with ~$25M in sales. (Business Wire)

Energy

Jan. 10, 2025 – Constellation (NASDAQ: CEG) and Calpine Corp. have entered into a definitive agreement under which Constellation will acquire Calpine for ~$26.6B. (Constellation)

Jan. 10, 2025 – Star Group, L.P. (NYSE: SGU), a home energy distributor and services provider, completed its acquisition of home energy distributor Allen’s Oil & Propane for ~$68M. (Globe Newswire)

Others

Jan. 14, 2025 – All-State Industries, Inc., a Des Moines, IA-based portfolio company of Blue Sage Capital, completed its acquisition of United Gasket Corp., which is a leading manufacturer of custom non-metallic components, including adhesive-backed gaskets, felts, and other flexible parts. (Business Wire)

Jan. 14, 2025 – EMCOR Group, Inc. (NYSE: EME) has entered into a definitive agreement to acquire Miller Electric Company, a leading electrical contractor serving high growth areas across the Southeastern US, for $865M. (Business Wire)

Top News Stories

Metals & Mining

Alba and Ma’aden call off strategic merger talks. Aluminium Bahrain B.S.C. (Alba) updated that its strategic merger discussion with Saudi Arabian Mining Company (Ma’aden) is no longer in action after being decided mutually. Ma’aden also said the same in its filing to Tadawul, adding that it would keep looking for growth opportunities regionally and globally.

Cleveland-Cliffs eyeing all-cash bid for U.S. Steel. Cleveland-Cliffs is partnering with peer Nucor to prepare a potential all-cash bid for U.S. Steel, with an offer in the high $30s per share. Cliffs is aiming to purchase all of U.S. Steel and then sell its Big River Steel mill to Nucor if the deal is completed.

Ma’aden to open office in Brazil, invest around $1.3B. Ma’aden plans to open its first office in Sao Paulo, Brazil. The initiative includes ~$1.31B to advance geological mapping in Brazil.

Generate Capital finances construction of Pacific Steel Group EAF Micro-Mill. Generate Capital, PBC, a leading sustainable infrastructure investment firm, will support the construction of an electric arc furnace (EAF) micro-mill, which will significantly reduce the emissions of rebar used in California and nearby states. Generate is providing a $200M secured loan to Pacific Steel Group, a leading reinforced steel contractor in California.

Arcadium Lithium receives CFIUS clearance for proposed acquisition by Rio Tinto. Arcadium Lithium plc, a leading global lithium chemicals producer, announced that the Committee on Foreign Investment in the United States (CFIUS) has concluded its review of the proposed acquisition of Arcadium Lithium by Rio Tinto and determined that there are no unresolved national security concerns.

Transportation & Logistics

CN’s acquisition of Iowa Northern approved by STB. The US Surface Transportation Board (STB) has approved CN’s acquisition of Iowa Northern Railway Company. The decision allows CN to combine IANR’s 175 route miles with CN’s nearly 20,000-mile rail network as early as February 13, 2025. A combined CN-IANR will offer single-line service to better connect grain, fertilizer, renewable fuels, and industrial markets to CN’s North American network.

Cold-storage operator Lineage is cutting staff. Lineage, the world’s largest refrigerated-storage company, is cutting staff six months after launching the largest initial stock offering in the US last year. The Novi, MI-based company didn’t disclose the number of jobs or types of roles affected by the layoffs.

Vertical Cold Storage opens new Kansas City facility. Vertical Cold Storage, a developer and operator of temperature-controlled distribution centers sponsored by real estate investment firm Platform Ventures, has officially opened its Kansas City multi-modal distribution site. The 311,000+ sq. ft. facility is expected to employ over 100 full-time team members and focuses on serving temperature-controlled food and beverage producers.

Freight volumes plunge in December, rates firming. December data from Cass Information Systems showed a significant drop in freight shipments as expenditures were off by a lesser amount, implying freight rates moved higher during the month. Truckload linehaul rates continued to improve from August’s cycle low. Freight volumes captured by the Cass Freight Index fell 7.3% from November and were off 6.5% year over year. Even excluding the typical November-to-December seasonal dip, the index was off 3.1%, which wiped away November’s 2.8% sequential gain.

Energy

BP cuts over 5% of workforce to reduce costs. BP will cut over 5% of its global workforce, as part of CEO Murray Auchincloss’ efforts to reduce costs and rebuild investor confidence in the energy giant. Around 4,700 employees and 3,000 contractor positions will be cut in 2025.

Others

Abu Dhabi’s Mubadala tops Saudi PIF with $29B deals. Abu Dhabi’s Mubadala Investment Co. was the world’s most active sovereign wealth fund in 2024 as it ramped up deal-making across everything from private credit to artificial intelligence. That came as Saudi Arabia’s Public Investment Fund, which was the most active in 2023, slowed down spending and refocused on investing at home. Mubadala deployed $29.2B in 2024. That was 67% more than a year earlier and far out-paced the 7% wider growth in investments by sovereign funds globally.

Blackstone’s Infrastructure Fund for individuals raises more than $1B. Blackstone Inc. is betting individuals will turn the firm into a bigger force in roads, ports and data centers. The alternative asset manager gathered more than $1B for a new infrastructure fund for wealthy individuals, one of the largest initial hauls for such a vehicle. The fundraising is another sign that Blackstone is moving further from its roots as a private equity firm backed by institutional investors such as pensions and endowments.

About RJM

RJM & Company is a specialized M&A and capital markets advisory investment bank. We provide boards and management teams of public and private companies with independent advice and expertise in a variety of sectors including road, rail and marine transportation, infrastructure, chemicals, energy, metals and mining, manufacturing, building materials, and other coverage areas of the industrial complex. RJM advises clients on all aspects of transactions including timing, structure, and pricing. RJM originates opportunities and helps negotiate and execute transactions already under evaluation.