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In August 2002, MCP purchased a significant stake in Metro,
one of the largest warehousers of non-ferrous metals for customers
of the London Metal Exchange. Metro operates a global network
of approved LME warehouses, with operations in Detroit, New
Orleans, Long Beach, Italy and the United Kingdom. LME warehouses
play a critical role in the operation of the exchange, enabling
metal producers, traders and consumers to make or take delivery
of approved metal and underpinning the worldwide physical
metal trade. Founded in 1990 by its current managers, Metro
has grown since its inception by storing additional types
of metal and opening additional locations. The investment
reflects the conviction of both MCP and Metro’s founders
that MCP can assist Metro in pursuing further attractive expansion
opportunities.
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Date of Investment: August 2002