Advantage Capital, a major impact investment firm, has announced a USD 2.5M investment to support entrepreneur Adam Salmen in acquiring a controlling stake in the United Metallurgical Equipment Companies of Cincinnati (UMECC), based in West Chester, Ohio.
UMECC specializes in providing a variety of quality equipment for integrated steel mills, mini mills, stainless and aluminium mills, and iron ore mines in North America. The investment will enable the company to expand its operations in Ohio, enhancing service to domestic steel manufacturers.
The financing was made in connection with the Federal and Ohio New Markets Tax Credit (NMTC) programs, which aim to attract and encourage investment in Ohio’s low-income communities. The programs help fill the financing gap that exists for many businesses in underserved communities helping to catalyse job growth and economic development in the places that need it most.
UMECC provides a “one-stop shop” technical solution that streamlines the sourcing process with a single point of contact. The company offers advanced engineering expertise to custom design equipment for existing steel production lines and has the capability to design modifications and upgrades that keep manufacturing operations running smoothly.
