LockeBridge Capital Partners, a leading middle market Boston area investment bank, advising on mergers, acquisitions, divestitures, valuations and capital raises, announced that it has acted as the financial advisor to Davis Industries, Inc., one of the oldest and most well respected metal processors in the Virginia area.
Mr. Fred Bonnett, CEO of Davis Industries, comments; “After over five decades of family ownership, we are excited to transition the Company to a highly strategic operation such as Smith Industries. The guidance we received from LockeBridge in navigating the transaction process, negotiations, deal structure, financial and operational issues was critical to achieving such a positive outcome. As a mid-sized, independent operator, Davis Industries didn’t have a lot of transactional experience and Scott Waxler helped educate us and always put our interests first and foremost.”
Mr. Paul Smith, CEO of Smith Industries, states; “The acquisition of Davis Industries aligns perfectly with our strategic goals, offering substantial synergies with our existing operations. We are excited to collaborate with the talented team at Davis and explore numerous opportunities for growth. While LockeBridge represented Davis in this transaction, I want to personally thank them for running a process that was not only highly professional but also highly productive. Over the course of my career, I have personally negotiated dozens of deals spanning multiple decades. Rarely have I encountered an investment bank or partner with the depth of expertise that Mr. Waxler (LockeBridge’s Managing Partner), and the LockeBridge team bring to the table. Their combination of operational insight and extensive transactional experience across disciplines such as law, accounting, finance, and banking is invaluable in ensuring the expeditious, successful completion of complex deals.”
Scott Waxler, LockeBridge Managing Partner, states; “Having advised over a dozen metal processing companies, I speak from experience when I say that a deep understanding of industry specific issues including metal commodity markets, potential environmental implications and operational challenges, among others, is critical to ensuring competent representation in the metal processing industry. Considering the complexities of the Davis transaction, such comprehensive experience was necessary in assessing and de-risking the transaction, leading to the preferred transaction structure being achieved. We are confident that the combination of Davis and Smith will provide more cost effective and comprehensive services to their mutual world class customer base.”
About Davis Industries, Inc.
For over 5 decades the Company has served the DC Metro and Northern Virginia regions as one of the most respected processors of recyclable metals. With its own in-house shredder and gravity fed 1750-ton shear, the Company is capable of processing both ferrous and non-ferrous material, including the ability to extract and process high purity Zorba and Zurik.
www.davisindustriesrecycling.com
About Smith Industries, Inc.
Smith Industries, with over 20 locations and operating since 1898, is one of the oldest and largest metal processors in the Mid-Atlantic region. Their extensive fleet of various size roll-off containers and demolition dump-body trailers, flatbeds and car hauler trailers ensures productive transport of product to their facilities.
www.smithindustriesgroup.com