Upstate Shredding - Ben Weitsman Makes Largest Acquisition to Date with Purchase of Brenner Recycling and Expands into East Central Pennsylvania
Upstate Shredding - Ben Weitsman & Son announced a purchase agreement to acquire Brenner Recycling, Inc. This is by far the largest acquisition made by the company. Brenner Recycling, Inc. is located in Hazleton, Pennsylvania. Completion of this all cash transaction is slated on April 1, 2011. Key executives and personnel will retain their positions in the acquired company.
- (1888PressRelease) February 12, 2011 - Hazleton, PA - In its largest acquisition to date, Upstate Shredding - Ben Weitsman & Son today announced a purchase agreement to acquire Brenner Recycling, Inc., a retail scrap metal and recycling company located in the City of Hazleton, Pennsylvania. The all cash transaction is scheduled for closing on April 1. Key Brenner executives and all employees will continue in their positions.
Brenner is a third-generation, family owned business in operation since 1925. It grew from a used auto parts yard to become the largest scrap metal, paper and cardboard recycler in the greater Hazleton area, which is approximately a two-hour drive from Philadelphia and New York City.
Steve Green, Upstate's vice president commented on the announcement: "This is by far our largest acquisition, a major facility with a well established business and excellent reputation. We plan on upgrading the entire facility and the trucking fleet to expand their current market coverage of about a 60-mile radius to well over 120. We will change the nature of the business from essentially a retailer buyer of scrap metals to one that serves both retail and wholesale dealer business. Adam Rosenthal who recently joined as director of acquisitions was instrumental to this deal coming to fruition. This was his first acquisition deal since recently joining the Company."
Since December 2009, Upstate has acquired scrap metal companies in Syracuse, Jamestown and Liberty, New York and in Towanda, Pennsylvania to add to its operations in Binghamton, Ithaca and Owego, New York.
"We are in the process of acquiring another scrap metal business in central Pennsylvania that we will announce shortly. Once we have finalized that deal, we will be focusing 100% of our attention towards acquisitions in western New York State, but we are always interested in synergistic opportunities anywhere to build our feeder yard network," said Rosenthal. "I will advise Adam Weitsman if we should install another mega shredder in Pennsylvania to complement our newly installed 10,000 HP mega shredder in Owego, New York if it makes sense."
"Brenner has built a solid foundation, but we see the Hazleton location as a base to expand the business there substantially," said Green. "In our Syracuse acquisition, for instance, we quickly increased volume 1500% above initial projections during our first year of operation and it's still growing. From Hazleton we will deploy a new, modern fleet of trucks and roll-off containers to serve a much wider area and a more diverse range of customer needs. We will also be lengthening hours of operation for customer convenience and add new, faster equipment to process higher volumes. Customers like our approach, better prices, faster service and same-day payment."
Upstate Shredding LLC - Ben Weitsman & Son, Inc. is the largest privately owned scrap metal processor and recycling center on the east coast. The Company has set the goal of reaching $1 billion in annual debt free sales by continuing to make acquisitions in the tri-state area.
Communities welcome Upstate - Ben Weitsman facilities. Upgrades to acquisitions typically include new storm water systems built to the highest environmental standards, paving dirt yards with asphalt to prevent ground contamination and control water runoff, noise abatement, renovations to structures and adding attractive landscaping.
The Company's "good neighbor" philosophy has proven successful at all of its locations including its recent acquisitions. For example, Upstate was awarded Business of the Year by New York's Tioga County Chamber of Commerce and was recently recognized in the September 2010 issue of Inc. Magazine as the fastest growing privately held scrap metal processor in the United States. It also supports a large number of community improvement programs.
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