DADA Holdings Acquires Majority Stake
Newswires - February 13, 2023
Excerpt From Newswires:
FORT LAUDERDALE, FL, USA, February 13, 2023 /EINPresswire.com/ -- The partners of DADA Holdings, LLC (“DADA”) announce that their affiliate, Niche European Holdings, LLC, has acquired a controlling stake in Niche Fusina Rolled Products S.r.l., which operates an aluminum rolling mill and related facilities in Fusina, Italy, just outside of Venice. Niche Fusina’s other remaining shareholder is Invitalia, the Italian government agency responsible for promoting inward investment and enterprise development throughout the country. DADA initially acquired a minority interest in Niche Fusina in March of 2022, in a sale approved in an insolvency proceeding in the Court of Venice. Niche Fusina represents the second foray into the aluminum rolling business for the partners of DADA, their first having been U.S.-based Wise Metals Group, which they transformed into world’s third largest producer of can sheet for the beverage industry and sold to Constellium NV in 2015 for $1.4 billion.
Niche Fusina is a vertically integrated operation with a cast house, rolling mills and finishing lines. The facility, which employs roughly 300 people, has a rolling capacity of roughly 75,000 tons per year and a slab production capacity of 95,000 tons per year. The facility boasts a number of sustainability initiatives including the extensive use of recycled aluminum, a low carbon certification, and a closed-loop system that treats and recirculates the facility’s process water to eliminate waste and minimize water consumption. Niche Fusina produces medium and hard alloys covering a gauge range from 2mm to 110mm and a width of up to 2500mm, and serves customers in the marine, commercial transportation, electronics, building and automotive industries throughout Europe, North America, the Mideast and the Pacific Basin.
David D’Addario, DADA’s Chairman, noted: “Our assumption of the controlling interest in Niche Fusina demonstrates our commitment to this valuable operation in Italy and coordinates with our vision for significant growth in the aluminum industry in the years to come. We look forward to our continued relationship with Invitalia and appreciate the trust and confidence the Italian government has placed in us to strengthen Niche Fusina’s world class casting and rolling operations. We also look forward to doing more work in Italy to assist Invitalia in its strategic and business investment objectives.”
About DADA (www.dadaholdings.com): DADA Holdings is an investment and management company that makes control and passive investments in various industries. DADA’s control investments include ElementUS Minerals, which is developing a U.S. processing facility to extract strategic and critical minerals, including rare earths, from residual bauxite; NICHE European Holdings, which owns, along with Niche Fusina, specialty minerals businesses Niche Fused Alumina in La Bâthie, France and Niche Fused Magnesia in Hull, England; and Renew Recycling, a ferrous and non-ferrous metal processing and recycling business with operations in the Southeastern U.S.
Dan Byrne
Dada Holdings LLC