Matalco Inc., a division of Toronto-based Giampaolo Group Inc., has acquired the Ohio Valley Aluminum Co. LLC (OVACO), which is based in Shelbyville, Kentucky. KPMG Corporate Finance LLC served as the financial advisor to the OVACO.
According to a news release from KPMG, OVACO was founded in 1955 and manufactures high-quality 6000-series aluminum billet made from recycled scrap for extrusion applications.
“This is an exciting time for OVACO’s continued evolution,” says Steven Richardson, president of OVACO. “We have diligently upgraded systems and made improvements to keep up with our customers’ demands over the last decade. This new chapter in OVACO’s story will further improve our abilities as the synergies realized through this transaction will benefit OVACO, Matalco, and most importantly, our combined customer base.”
Recycling Today reached out to Matalco for comment on the transaction but did not hear back from the company.
Matalco is a large producer of 6000-series aluminum billet for aluminum extrusion and forging applications. The company now operates six billet plants in the United States, with a seventh plant under construction in Franklin, Kentucky, which KPMG says will bring Matalco’s total capacity to 750,000 tonnes annually.