Seale & Associates advises Zinc Nacional on the acquisition of the Zinc Recycling Business of Harz-Metall

Goslar, Germany. Jean Goldschmidt International S.A. (“JGI”) and Zinc Nacional S.A. (“ZN”) have entered into an agreement to acquire the Zinc Recycling Business (“ZRB”) of Harz-Metall GmbH (“HMG”) located next to the historical town of Goslar in Lower Saxony. The transaction closing is subject to different closing conditions in particular with regard to the transfer of the real estate of HMG.

HMG is a leading specialist for resource-friendly recycling of lead and zinc. ZRB is a business unit of HMG, a German company that recycles electric-arc furnace dust provided by the steel industry in Europe. As a result of this recycling process, ZRB produces waelz oxides that are distributed to leading refineries in Europe.

HMG was part of the German Recylex group and applied for protective shield proceedings on 14 May 2020. On 1 August 2020, insolvency proceedings have been opened as debtor-in-possession-proceedings (Eigenverwaltungsverfahren).

JGI and ZN have conducted business for more than 10 years. For purposes of this acquisition, JGI and ZN established Harz Oxid GmbH (“HZO”) a joint venture where each company holds equal ownership interests. HZO will respect and protect the rich heritage of ZRB in the region. HZO understands the deep connections that ZRB has in Germany and with its supplier-customer base, and as such, it will continue to invest in the business to ensure high quality product offerings and to be an environmental custodian in the region.

JGI SA ( is a company specialized in the trading of non-ferrous metals bearing materials and owns the company HYDROMETAL SA, specialized in the recycling of non-ferrous metals from complex materials. JGI is subsidiary of Silox SA ( a Belgium based group specialized in inorganic chemistry. The group manufactures and markets mostly sulphur and non-ferrous metal derivatives, with a focus on zinc.

ZN ( is a fourth-generation family-owned business based in Monterrey, Mexico, with over 60 years of experience in zinc recycling and value-added zinc compounds production. ZN has zinc recycling plants in Mexico, South Korea, Turkey, and the United States. ZN is a subsidiary of Grupo Promax (, a Mexico based group specialized in building products and zinc products.

Linklaters ( and Hogan Lovells ( acted as legal advisors for JGI and ZN respectively. Seale & Associates ( acted as financial advisor to ZN. Dentons ( and IMAP ( acted as legal and financial advisors respectively for HMG.

By | August 21st, 2020|Blog, Engagements, News, Uncategorized|0 Comments

We are Pleased to Announce Another Strong Year in 2013

  • Despite an uneven global M&A environment in 2013, Seale & Associates had another outstanding year due to the trust our clients place in our unique capabilities to solve their most challenging financial issues. Once again, we offer our thanks to our colleagues and friends for supporting our continued success.
  • The breadth of our M&A and corporate finance activity once again took us around the globe as our team managed transactions in Brazil, Canada, India, Italy, Mexico, the United Kingdom, and the United States.
  • We successfully advised leading public and private companies in a wide range of industries including automotive, chemicals, commercial refrigeration, construction products, data analytics, engineering & construction, healthcare, hospitality, oil & gas pumps, and security.


2013 YIR Tombstones


Our professionals remained active beyond client service, including:

  • Seale & Associates joined the United States-Mexico Chamber of Commerce as a Presidential Sponsor and Brett Carmel, Senior Managing Director, was nominated to the Binational Board of Directors.
  • Seale & Associates sponsored the Wounded Warrior Project through their participation and sponsorship in the Yellow Ribbon Fund for Injured Service Members.
  • Seale & Associates hosted several conferences covering current market trends and M&A deal activity at chambers of commerce, business associations and academic institutions in Mexico, including the San Luis Potosi Chamber of Industry (Canacintra) and The Monterrey Institute of Technology and Higher Education (ITESM).

We are pleased to announce the following promotions and additions to our team:

  • Seale is pleased to announce the promotion of Tom Clancy and Francisco Viornery to Vice President. Tom is a CPA and is pursuing his CFA designation, having passed the level III CFA Exam. Francisco has been a member of the Mexican Finance Executive Institute (IMEF) since 2007. We are also pleased to announce the promotion of George Mucibabici to Senior Associate and Andrea Vandersall to Associate.
  • Seale & Associates is pleased to announce John Schauss joined as a Senior Director. Prior to Seale, John held senior operating and financial positions with Media General, The George Washington University, Eastern University, and Tulane University. John has more than 30 years of experience in corporate finance, mergers and acquisitions, and general corporate advisory, including specialized expertise in taxable and tax-exempt – public and private debt financings.
  • Seale & Associates is pleased to announce the hiring of Edmi Vazquez as an Analyst. Prior to Seale, Edmi worked at McLarty Associates in the Latin American team, where she regularly monitored key trade and investment issues in the region, as well as authored reports on speeches, panel discussions, and economic policy forums. Edmi is a graduate from Dickinson College with a B.A. in Economics and International Business. She is fluent in English and Spanish as well as proficient in French.


Seale & Associates, Inc., headquartered in Arlington, Virginia, is a global investment banking firm with extensive experience in mergers and acquisitions, corporate finance advisory, and enterprise level strategy consulting. Our professionals are trusted advisors maintaining a high level of quality and integrity while presenting innovative ideas and solutions to address our clients’ most complex dealings. For more information please visit


By | January 29th, 2017|Uncategorized|0 Comments

Seale & Associates Sponsors Wounded Warriors

Seale & Associates is proud to announce our participation in the Yellow Ribbon fund’s 6th Annual Golf Classic for Injured Service Members. The event was held on July 15 at the Army Navy Country Club in Arlington, VA. Three associates from Seale were partnered with an injured service member and honored our nation’s injured heroes with an enjoyable day on the golf course. Our colleagues were grateful to have had the opportunity to participate and support the bravery and recovery of our injured servicemen and women.

Since 2005, the Yellow Ribbon Fund has provided help and support to injured service members and their families while they recover in Washington, DC at Water Reed National Military Medical Center, Fort Belvoir Community Hospital, and after they return to their homes. Today, the Yellow Ribbon Fund continues to provide practical support by providing free hotel stays, rental cars and cab rides for visiting families as well as free apartments to keep families together during outpatient treatment; pro bono legal services, as well as innovative mentoring and ongoing support even after injured service members leave the hospital and return home. The Yellow Ribbon Fund is one of the only service organizations to offer family caregiver support, which includes childcare, spa visits, dinners out and more. The Yellow Ribbon Fund also provides social events and outings to build self-esteem and offer relief from their recovery.

For more information on the Yellow Ribbon Fund, their events and how to get involved please visit their website at

By | January 29th, 2017|Uncategorized|0 Comments

Brazilian Political Divide Reveals Investment Opportunities

SÃO PAULO, BRAZIL – As Brazil enters the international sports spotlight, first with the Confederations Cup and then the 2014 World Cup and the 2016 Olympics, it is at a social crossroad.  The recent protests are an open exhibition of the urban and middle class dissatisfaction with the political landscape.  Although these displays of free speech are often ugly reminders of political instability, they also call attention to the growing middle class demands for basic public services and infrastructure improvements outside of the investment in FIFA stadiums.  The pleas of the middle class highlight tremendous opportunities for investment to satisfy these needs.

Despite improvements in the gross earnings of Brazilians in recent years, the standard of living in Brazil’s large urban centers has deteriorated as the growth in costs has outpaced the growth in wages.  The impact of inflation, especially on the service sector and middle class, has been severe.  Inflation for families is much higher than the overall official inflation figure.  For example, although overall inflation in Brazil in 2012 was reported at 5.8%, inflation of private schools and healthcare were 12% and 9%, respectively.  Although the higher relative inflation of specific items is not unique to Brazil, it is one of several underlying factors driving the protests.  It has been reported that the general public’s dissatisfaction with government services has also been a significant driver of these protests.

A Movement without a Leader

As young people took to the streets to protest increases in public transportation costs, other groups of all ages voiced their concerns of increasing utility prices.  Inevitably, the protest expanded and the movement diversified.  These protests are the largest since 1992 and have attracted hundreds of thousands across several of Brazil’s largest cities.  Given the numbers involved, it is natural that the range of concerns is broad.  Despite a range of concerns, the Brazilian people have been very specific in their demands for better hospitals, transportation, educational opportunities, and price controls.

Highlights of the Movement

  • The protests have attracted widespread support among the “common citizen” despite being a movement of urban dissatisfaction for public services
  • It is a horizontal mobilization, a movement without centralized leadership
  • The movement carries a strong level of rejection and frustration given the budgetary overages on FIFA stadiums and unwavering political parties

Rejection of Political Parties

The rejection of the political parties comes from a crisis of representation. This crisis began with the 2010 presidential election, where Marina Silva, candidate of the green party (Partido Verde or “PV”) unexpectedly received almost 20% of the vote. Reportedly citizens did not see Marina as a viable alternative, but opted for her in order to send a message to the current ruling party (Partido dos Trabalhadores or “PT”). Protesters, jaded by current political parties, demonstrate dissatisfaction with the PT, but do not support the main opposing party (Partido da Social Democracia Brasileiro or “PSDB”). President Rousseff recently announced a bill to spend 50 billion reais (US$25 billion) on urban mobility projects in an effort to assuage the disenfranchised constituents. Additional legislature has been proposed which would spend Brazil’s oil royalties on education and healthcare.

Investment Opportunities

The rising tensions from growing costs and neglected infrastructure projects have given rise to the recent protests. Businesses and entrepreneurs are aware of the potential impact an eventual resolution will bring. Although the protests are an exhibition of uncertainty, the catalyst of the movement is the need for a more robust infrastructure – which serves as the paramount investment opportunity in Brazil.

For more information, please contact:

Luiza Barguil
Managing Director

By | January 29th, 2017|Uncategorized|0 Comments

2012 Year in Review

Seale 2012 Year in Review Header

Seale & Associates is pleased to announce that 2012 was another record year for the firm

The breadth of our activity once again took us around the world as our team managed transactions in Belgium, Brazil, Canada, Germany, India, Italy, Mexico, Spain, and the US. We continue to thank our clients for trusting us and our unique capabilities to solve their most challenging financial issues. We further thank our colleagues and friends for supporting our continued success.

Throughout the year, we successfully advised leading public and private companies across a wide range of industries, including aerospace; automotive & truck parts; building products; construction services; consumer products; electronic security; engineering, construction & procurement; food & beverage; healthcare services; mining; oil & gas services; paints & coatings; professional services; pumps & valves, and specialty chemicals.

For the second year in a row, we are pleased to have earned a spot at the top of the league tables in Mexico, which ranked us #1 in number of deals and #3 in transaction value amongst advisors. For details, see our Quarterly Research Reports on our updated website at



Representative 2012 Transactions


Seale & Associates experienced another record year in Mexico:

2012 Year End Rankings



Our firm continued to grow during 2012 and our team remained active beyond client service. Some examples include:

• Rob Whitney, Managing Director, presented on the capital markets at the Ramsey Investment Fund Conference hosted by The George Washington University in Washington, DC.
• Adrian Llerena, Managing Director, became a mentor for Endeavor, which involves a deep network of seasoned business leaders in Mexico that actively supports high impact entrepreneurships and startups.
• Sergio Garcia, Vice President, participated in a Latin America Investment Conference held in Salvador Bahia, Brazil. Along with Mr. Garcia, key speakers at the conference included the Governor of Salvador State in Brazil, congressmen from Peru and Argentina, the Education Minister of Argentina, and Antonio Carlos Valente, President of Telefonica Brazil.

We are also pleased to announce the following additions to our team:

• Luiza Barguil joined Seale & Associates as a Managing Director based in Sao Paulo, Brazil. With over 20 years of experience, Luiza brings first-hand knowledge of the Brazilian market and will focus on assisting international clients in the development and execution of their corporate strategy in Brazil, as well as helping domestic Brazilian clients on a range of merger & acquisition, corporate finance, and enterprise level strategy activities.
• Giorgio Garrido joined Seale & Associates as a Senior Analyst. Mr. Garrido is a graduate from the University of Virginia and previously worked in the investment banking industry in Richmond, Virginia.
• Andrea Vandersall joined Seale & Associates as a Senior Analyst. Ms. Vandersall is a graduate from Johns Hopkins University and previously worked as an associate at Cambridge Associates performing quantitative investment analytics and portfolio management services.



Seale & Associates, Inc., headquartered in Arlington, Virginia, is a global investment banking firm with extensive experience in mergers and acquisitions, corporate finance advisory, and enterprise level strategy consulting. Our professionals are trusted advisors maintaining a high level of quality and integrity while presenting innovative ideas and solutions to address our clients’ most complex dealings.


By | January 29th, 2017|Uncategorized|0 Comments

Tax Inversion M & A — July 2014

So-Long Uncle Sam, Hello Tax Inversions

The U.S. is witnessing yet another wave of tax inversion driven M&A that has resulted in nearly $200 billion in announced mergers in 2014 alone. This issue of Business Insights provides a primer on tax inversions, explores the recent activity in more detail, and highlights proposed U.S. policy aimed at curbing the activity

Market Commentary

“The Tax-Shopping Backstory of the Medtronic-Covidien Inversion” Forbes, June 2014
“If AbbVie Gets its Inversion Deal, It Could Be Homeward Bound for Shire” WSJ, July 2014
“Mylan to Add Abbott’s Generic-Drug Unit for Tax Advantage” Washington Post, July 2014

For weeks, the headlines of most major news outlets have included coverage of the latest American business to redomicile corporate headquarters through a merger with a foreign-based company in order to avoid the relatively high U.S. corporate income taxes – otherwise known as a tax inversion. In 2014, there have already been 7 announced tax inversion transactions compared to 65 in U.S. history. In addition, several transactions have been proposed but parties have so far failed to reach agreement on terms, such as Pfizer’s well-publicized bid for AstraZeneca. Inversions not only result in significant tax savings but have the related effect of increasing the accessibility of overseas capital and simplifying capital allocations for corporate decision makers. Of course, the opposite is true for the U.S. Treasury which stands to lose an equal amount of tax revenue. While policy exists to regulate and limit tax inversions, the recent activity is proof that there is ample room under the law to take advantage of this unique strategy. Absent new policy to curb the practice, the benefits will continue to be attractive to a growing base of U.S. companies and activity is expected to increase.

View Full Report
By | July 28th, 2014|Uncategorized|0 Comments