Cross Keys Capital > Portfolio Items > J.T. Knight, Inc.

Our Work

J.T. Knight, Inc.

Closing Date: 02/05/2008

Acquired by Schnitzer Southeast, LLC | Industry: Materials | Sub-Industry: Scrap Metal

Deal Overview

Cross Keys Capital served as the exclusive financial advisor to J.T. Knight, Inc. and through a targeted process, was able to receive bids from multiple parties. At the time of the transaction, a competitor with the newest equipment was moving into the market and the J.T. Knight was in the process of transitioning from non-ferrous to ferrous and non-ferrous processing, which was infringing on free cash flow. There were four Shareholders of the business, and they were ultimately divided, 2-2, as to whether or not to effectuate a sale transaction. Cross Keys called in on a Saturday to present the final Schnitzer Steel offer, and the deadlocked Principals brought the decision to a coin flip. Per Rick Caldwell, one of the J.T. Shareholders, “I can’t believe with the excellent work done by Cross Keys it still came down to a coin-flip. Lucky for me, the flip went my way.”

About J.T. Knight, Inc.

Columbus, GA-based, J.T. Knight, Inc. provides scrap metal recycling services. The company recycles both ferrous and non-ferrous metals, including copper, brass, water meters, heater cores, steel, radiators, grilles, insulated copper wires, insulated aluminum wires, stainless steel, and irony aluminum, as well as aluminum scraps, such as sheets, MLC, cans, litho plates, auto wheels, cast, painted siding, ingots, and extrusions. The company also offers roll-off container and community services. The company was founded in 1900 and operates as a subsidiary of Schnitzer
Southeast, LLC as of February 5th, 2008.

About Schnitzer Southeast, LLC

Schnitzer Southeast, LLC engages in collecting, processing, recycling, trading, and brokering ferrous and nonferrous metal products. It offers scrap metal processing, scrap metal trading, intermodal cargo, shredder, and ship berthing services, as well as provides scrap management programs. The company was founded in 1998 and is based in Atlanta, Georgia. As of October 31, 2005, Schnitzer Southeast, LLC operates as a subsidiary of Schnitzer Steel Industries Inc.

  • 2008