Eldridge Diversified Credit, the private, liquid and asset-based credit investment strategy of Eldridge Capital Management, closed a $120 million term loan facility with Kansas City-based Scrap Management Industries (SMI). The facility supports SMI’s acquisition of Allmetal Recycling and its network of 10 locations across Kansas.
“The acquisition of Allmetal Recycling will be extremely transformational for SMI and would not have been possible without the capital provided by Eldridge, who were a terrific partner throughout the entire process. We look forward to deepening our relationship as we continue to grow,” Keith Rhodes, chief financial officer at SMI, said.
“We are pleased to be a part of this transaction and provide meaningful capital to SMI. This acquisition provides the company with a unique, dominant market position, backed by a strong ownership group and experienced management team,” Dave Schubel, senior director at Eldridge Capital Management, said. “We remain committed to supporting SMI with future capital needs as they continue to scale the business.”
