Advantage Capital’s Strategic Investment in Ohio’s Steel Sector
Advantage Capital, a leading impact investment firm known for its focus on underserved communities, has invested $2.5 million to support entrepreneur Adam Salmen’s acquisition of a controlling stake in United Metallurgical Equipment Companies of Cincinnati. Based in West Chester, Ohio, UMECC plays a pivotal role in providing essential equipment to integrated steel mills, mini mills, stainless and aluminum mills, and iron ore mines across North America. This significant investment will enable UMECC to grow its operations, bolster its presence in Ohio, and enhance its service to the U.S. steel manufacturing sector.
UMECC’s Role in America’s Steel Industry
UMECC, founded nearly 30 years ago, has become a trusted supplier to some of the world’s largest steel mills. Specializing in a broad array of equipment, UMECC simplifies the sourcing process for steel production plants by providing a comprehensive “one-stop shop technical solution.” The company not only supplies high-quality equipment but also offers advanced engineering expertise, enabling it to design custom modifications and upgrades for existing steel production lines. These capabilities help keep legacy manufacturing operations running smoothly.
Adam Salmen, the Group CEO at UMECC, emphasized the importance of this investment in supporting Ohio’s local economy and the broader American steel industry. "This investment has been instrumental in helping us grow our presence here in Ohio and allowing us to support an industry essential to America, steel," he said. "I’m proud of what we’re building and look forward to expanding our operations while fostering growth in our local community."
The Role of New Markets Tax Credits in UMECC’s Expansion
This financing was made possible through the Federal and Ohio New Markets Tax Credit programs, which are designed to attract investments in low-income communities across Ohio. The NMTC programs aim to address the financing gap that often exists for businesses in underserved areas, helping to promote economic growth, job creation, and development in regions that need it most. By participating in these programs, UMECC is able to expand its operations, thereby creating jobs and stimulating local economic growth.
Excitement Over UMECC’s Growth Potential
Joe Henderson, Senior Vice President at Advantage Capital, expressed enthusiasm about the partnership with UMECC. "We’re excited to partner with UMECC and support an Ohio-based company that plays a critical role in supplying essential equipment to one of America’s cornerstone industries,” he said. "UMECC’s commitment to quality and innovation has positioned it for significant growth, and we look forward to seeing this partnership support its continued success."
About Advantage Capital
Advantage Capital is a prominent impact investment firm that targets underserved areas, providing flexible financing to growth-oriented entrepreneurs and industries in communities that struggle to access conventional capital. Since its inception in 1992, the firm has invested more than $4 billion across over 900 companies, fostering over 70,000 quality jobs. In addition to supporting the steel industry, Advantage Capital also invests in affordable housing and renewable energy projects to promote economic development in underserved communities.
About UMECC
Founded nearly three decades ago, UMECC is a specialized provider of metallurgical production equipment for plants throughout North America. The company’s comprehensive service offering includes both capital upgrade and maintenance & repair projects, providing clients with engineered solutions tailored to the specific needs of existing steel production lines. With a reputation for quality and innovation, UMECC has solidified its role as a trusted supplier to major global steel brands.
Through this strategic investment, Advantage Capital is helping UMECC continue to expand its footprint in Ohio and support the future growth of America’s steel industry.
