Louisville-based Blue Equity, LLC announced today that Blue Equity has entered into a management agreement with Industrial Services of America, Inc. (NASDAQ: IDSA). Effective April 1, 2013, Blue Equity will commence management oversight of Industrial Services of America, Inc. (“ISA”) including working with ISA’s existing team to review operations and identify opportunities for growth and profitability. The selection and installation of Blue Equity in this capacity is key to ISA’s future plans to develop and improve upon its core business operations, enhance the current platform, secure strategic alliances and to diversify corporate holdings in domestic and international markets.
Industrial Services of America, Inc. is an international scrap recycling company headquartered in
Louisville, Kentucky. Harry Kletter founded ISA in 1954. It is one of the first publicly traded waste and recycling companies in the United States. ISA is a progressive leader in the metals market, acquiring, processing and marketing scrap metals and recyclable materials for domestic users and export markets. ISA offers commercial, industrial and business customers a variety of programs and equipment to manage waste. Blue Equity’s Chairman and Managing Director, Jonathan Blue, has extensive experience in the scrap recycling business. He and his family owned and operated Louisville Scrap Material Company, which became a worldwide leader in the industry. Blue represented the fourth generation of his family to operate, grow and transform the business. He expanded the business into international railroad and other markets to become one of the largest suppliers to railroads and rail-related enterprises. In 1998 the company was sold to the largest worldwide operator in the sector, Progress Rail Services Corporation that is now owned by Caterpillar (CAT-NYSE). Likewise, many other Blue Equity executives have worked in the scrap and recycling related businesses.
“Blue Equity’s business philosophies and practices have successfully transcended a diverse range of industries and now it seems we have come full circle, returning with this transaction to the scrap and recycling businesses. We look forward to working together with our partners at ISA to realize our shared vision for the future,” said Jonathan S. Blue, Chairman and Managing Director of Blue Equity, LLC.
Harry Kletter, ISA’s Chief Executive Officer and Founder, commented, “I have known Jonathan Blue his entire life and have watched him develop into one of the region’s most successful businessmen. He and his team have an impressive track record which I am confident will benefit our company and our shareholders. I am thrilled that he and his team have agreed to take ISA into a new era of growth.”
“I am pleased to be able to build upon the 60 years of hard work and vision Harry Kletter has contributed to ISA and I hope to honor his contribution by taking ISA to the next level,” concluded Blue.