Akerman represented Sims Limited (ASX: SGM, USOTC: SMSMY) in its $66.5 million acquisition of the assets of TCT Trading, LLC d/b/a Tri Coastal Trading. Based in Houston, Texas, TCT ships in excess of 350,000 tons of processed obsolete scrap annually.
The transaction consolidates Sims' Houston ferrous operation into the TCT location and, through a novation of TCT’s Enstructure LLC service agreement to Sims, expands Sims’ logistics capabilities by giving it exclusive access to harborside land and a secure, deep-sea dock facility in the Galena Park industrial area of Houston.
Founded in Australia in 1917, Sims Limited is a global leader in metal recycling and circular, sustainable technology solutions, employing approximately 3,900 people across more than 150 facilities in 13 countries. The company's ordinary shares are listed on the Australian Securities Exchange (ASX: SGM), and its American Depositary Shares are quoted on the Over-the-Counter market in the United States (USOTC: SMSMY).
The Akerman team advising Sims was led by Lorenzo Borgogni, Partner, Corporate Practice Group, and included key support from:
- Gary Blachman, Partner, Tax Practice Group
- Joseph Brasile, Partner, Real Estate Practice Group
- Peter Chiabotti, Partner, Intellectual Property Practice Group
- Paul Collins, Partner, Tax Practice Group
- Sanford Davis, Partner, Tax Practice Group
- Christy Hawkins, Partner, Consumer Financial Services, Data and Technology (CFS+) Practice Group
- William Helmstetter, Partner, Corporate Practice Group
- Gregory Limoncelli, Partner, Corporate Practice Group
- Scott Silverman, Partner, Labor and Employment Practice Group
- Sarah Campbell Smith, Partner, Real Estate Practice Group
About Akerman
Founded in 1920, Akerman LLP is an Am Law 100 firm recognized by Vault among the nation's most prestigious law firms. The firm has more than 700 lawyers and business professionals throughout the United States.