Key transactions & industry news Weekly Update

Recent M&A Transactions

Transportation & Logistics

Aug 22, 2024 – Less-than-truckload carrier Estes completed its lease purchases of seven terminals previously operated by now-defunct Yellow Corp. The new locations will result in a net increase of 290 doors to its national network of 11,832. (FreightWaves)

Aug 21, 2024 – La Petrolifera Italo Rumena S.p.A. (PIR) acquired Nordic Storage AB, a leading Swedish tank storage company, from Aquarius Energy(Insights Global)

Aug 20, 2024 – Kenan Advantage Group acquired Abbeville, Louisiana-based bulk tank hauler TransVac, LLC, which provides tank transportation of chemicals, plastics, petroleum products and water treatment products. (FreightWaves)

Aug 20, 2024 – Qatar Airways will acquire a 25% stake in South Africa-based regional carrier Airlink as both airlines seek to boost services and passenger numbers across Africa. (Reuters)

Aug 15, 2024 – AD Ports Group (ADX: ADPORTS) completed its acquisition of Tbilisi Dry Port, which is strategically positioned between the Caspian Sea and Black Sea, at the heart of the Middle Corridor, and integrates multiple facilities including a container freight station, warehouses and a car storage park. (Emirates News Agency)

Aug 15, 2024 – MidOcean Partners acquired SI Solutions, a leading provider of engineering, testing, inspection, compliance and maintenance services, digital solutions, and expert consulting for power and critical infrastructure end markets. (Business Wire)

Building Products & Materials

Aug 21, 2024 – FloWorks International LLC, a leading specialty distributor of critical flow control products and a Wynnchurch Capital, L.P. portfolio company, completed its acquisition of Assured Automation LLC(Business Wire)

Aug 21, 2024 – Rampart Exterior Services, the commercial roofing and exterior facility services platform of Huron Capital, completed its acquisition of Independent Roofing Systems, Inc, which provides roofing services to critical industries including education, government, industrial, and other commercial customers. (Business Wire)

Aug 20, 2024 – Panamera Holdings Corporation completed its merger with AusTex Aggregates, an established and growing aggregates company located in the Austin, Texas area. (Business Wire)

Metals & Mining

Aug 22, 2024 – RJM & Company advises Emirates Global Aluminium, the largest industrial company in the United Arab Emirates outside of oil and gas and the world’s largest producer of premium aluminum, on its acquisition of a majority stake in the American aluminum recycling firm Spectro Alloys Corporation(PR Newswire)

Aug 20, 2024 – Valleyview Resources Ltd. (TSXV: VVR) has entered into a definitive agreement to acquire Shift Rare Metals Inc. (Newsfile)

Aug 19, 2024 – McEwen Mining Inc. (NYSE: MUX) completed its acquisition of Timberline Resources Corporation (TSXV: TBR)(GlobeNewswire)

Aug 19, 2024 – Extreme Steel Inc. acquired Superior Iron Works, solidifying its position as one of the dominant steel fabrication companies in the District of Columbia, Maryland, and Virginia area. (Business Wire)

Energy

Aug 22, 2024 – US midstream energy services provider Enterprise Products Partners (NYSE: EPD) has signed a definitive agreement to acquire Piñon Midstream for $950 million in cash. (Yahoo Finance)

Aug 20, 2024 – Gran Tierra Energy Inc. (TSE: GTE) is acquiring i3 Energy PLC (AIM: I3E) for ~$225.4 million. (NASDAQ)

Others

Aug 21, 2024 – Nordson Corporation (NASDAQ: NDSN) completed its ~$815 million acquisition of Atrion Corporation (NASDAQ: ATRI), a leader in proprietary medical infusion fluid delivery and niche cardiovascular solutions. (Business Wire)

Top News Stories

Transportation & Logistics

Teamsters Canada returning to work at CN; work stoppage continues at CPKC. The Teamsters Canada Rail Conference has taken down its picket lines at Canadian National Railway and will begin returning to work. However, the work stoppage continues at Canadian Pacific Kansas City pending an order from the Canada Industrial Relations Board, acting on Thursday’s order from Labor Minister Steven MacKinnon.

Activist investor urges Forward Air to go private. Activist investor Ancora Holdings Group is calling on Forward Air’s board to begin a strategic review and to engage with potential buyers. In an open letter to the company’s board, the group cited “overwhelmingly negative” total shareholder returns and “significant underperformance” in what it described as a “lost decade” for the expedited trucking company.

Refrigerated truckload market grows more vulnerable as fall harvest nears. The Reefer Outbound Tender Reject Index (ROTRI) and Reefer Truckload Index (RTI), which are both measures of the refrigerated or temperature-controlled truckload market, continue to trend higher heading into a period of seasonal volatility. The ROTRI, which measures the rate at which carriers turn down loads from shippers, has averaged above 8% since June and maintained at a relatively high level compared to the previous two years. This is also a significant shift from the sub-5% it averaged in the spring. The RTI, which measures average spot rates for refrigerated loads, has risen about 13% since the end of April. The increasing trend has been relatively stable with a few seasonal spikes around the Fourth of July.

Metals & Mining

LME aluminium benchmark price hikes by US$28/t; SHFE price grows to US$2784/t. On August 22, LME aluminum opened at $2,482 per tonne, hit a high of $2,531 per tonne, a low of $2,466 per tonne, and closed at $2,466.5 per tonne, down $14.5 per tonne or 0.58%.

Fabio Roberto Martins from Alcoa joins Vedanta Aluminium as the CEO of billet division. Vedanta Aluminium has appointed Fabio Roberto Martins as the new CEO of the aluminum billet division. Martins will lead the unit in the new role, focusing on production optimization and efficiency. Martins has 26 years of experience in the aluminum industry. His association with Alcoa, where he held various leadership roles, including Director of Operations, is seen as instrumental in enhancing Vedanta’s aluminum billet business.

Hydro Alunorte becomes Northern Brazil’s first alumina refinery to switch to natural gas. World’s largest alumina refinery (outside China), Hydro Alunorte’s recent fuel switch project is a key step towards Hydro’s climate strategy and aligns with its global commitment to cut greenhouse gas emissions by 30% by 2030. Hydro Alunorte’s alumina refinery has begun using natural gas in its production process, replacing fuel oil.

Energy

Oil up over 1% but set to end week down on demand concerns. Oil prices rose 1% on Friday on a softer dollar but were still set to end the week lower as weaker U.S. employment data raised concerns over the health of the world’s largest oil consumer, and renewed ceasefire talks in Gaza eased worries about supply. Brent crude futures rose by 95 cents, or 1.23%, to $78.17 a barrel, while U.S. West Texas Intermediate (WTI) crude futures rose $1.06, or 1.45%, to $74.07.

Others

Fed’s Powell says ‘time has come’ to lower interest rates. Federal Reserve Chair Jerome Powell offered an explicit endorsement of interest rate cuts, saying further cooling in the job market would be unwelcome and expressing confidence that inflation was within reach of the U.S. central bank’s 2% target.

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.