A consortium of private equity investors announced the launch of EverMetal Holdings LP (EverMetal), one of the world’s first dedicated critical metals recycling platforms to strengthen domestic access to the strategic metals supply chain. Established with the majority backing of GEF Capital Partners, a Washington, D.C.-based private equity firm focused on climate change and pollution mitigation, EverMetal aims to build a viable alternative to purchasing mined minerals by creating an integrated recycling supply chain in the U.S.
EverMetal has completed its first acquisition of CAI Custom Alloys LLC, a U.S.-based processor of high-performance superalloys, headquartered in Belvidere, Illinois. Founded in 2009, CAI has built an outstanding reputation for precision processing of complex nickel, cobalt, and specialty metal scrap, supporting end markets across aerospace, defense, power generation, medical, and technology. The company is one of a select few domestic processors holding vacuum-melt certification from major aerospace customers – a prerequisite for inclusion in critical component manufacturing.
“CAI’s products play a quiet but vital role in U.S. national security,” said Hugo Schumann, founder and chief executive officer of EverMetal. “From jet engines to turbine blades, these recycled metals power mission-critical technologies. Our acquisition of CAI reflects our mission to secure and scale domestic recycling of these materials and reduce dependence on expensive, foreign-controlled sources of strategic materials.”
The superalloy market consists of critical metals used in aerospace, power generation, renewable energy and technology and electronics industries. Mining of these superalloys is concentrated in a few specific geographies primarily in Africa and Asia, and they are almost never consumed where they are mined. A recycled alternative in the U.S. allows American companies to purchase critical raw materials domestically while reducing costs, lowering GHG emissions, and taking greater control of their supply chain.
With EverMetal’s capital and strategic backing, CAI will accelerate investment in capacity growth, new processing technologies, geographic expansion, and relationships with key defense and aerospace customers. The integration of CAI into EverMetal’s growing superalloys platform provides foundational capabilities in sourcing, sorting, and processing, and positions EverMetal for further acquisitions across the value chain.
Published August 2025
