Mairec Precious Metals U.S., Inc.
Headquartered in South Carolina, Mairec Precious metals U.S., Inc. (“Mairec” or the “Company”), the U.S. subsidiary of a German company, is a leading recycler and processor of precious metals. e Company utilizes its proprietary equipment and processes to recover these valuable noble metals from industrial waste that is primarily composed of catalytic converters from automobiles.
Since successfully establishing its U.S. presence in 2015 and ramping up operations, Mairec began facing challenges that adversely affected financial performance. Circumstances with select suppliers and customers resulted in discontinued relationships and litigation that overburdened the Company. While Mairec initiated a go-forward plan to stabilize the operations, the Company determined that filing for Chapter 11 protection provided the best opportunity to effectuate a transaction to maintain the business as a going concern.
SSG was retained by Mairec to conduct a comprehensive marketing process and solicit offers for the Company. The process attracted interest from multiple parties that engaged in a thorough review of the business, with BASF’s offer ultimately being the highest and best bid. SSG’s industry knowledge and experience with efficient Chapter 11 sale processes enabled the stakeholders to maximize value while preserving jobs.