Key transactions & industry newsWeekly Update 04/24/2026

What We Found Interesting This Week

Constellium secures multi⁠-⁠year Airbus contract for aluminum alloy extrusions supply


Constellium’s supply agreement with Airbus underscores a dynamic that defines aerospace procurement, where certified, specification⁠-⁠driven materials suppliers are not interchangeable and switching costs are effectively prohibitive once a component is designed into a program. Airbus is locking in advanced lightweight structural aluminum at a moment when production ramps are accelerating, making a proven partner like Constellium worth far more than its unit price implies. This is the kind of deeply embedded supplier relationship that carries significantly more weight in the wake of Boeing’s production struggles, which have made major OEMs far more deliberate about securing reliable structural materials partners before problems emerge rather than after. A single quality failure or delivery miss at the materials level cascades quickly into delayed aircraft deliveries and real balance sheet damage. In aerospace, suppliers either have the certifications, technical credibility, and long⁠-⁠standing program relationships to stay on the approved list, or they do not, and Constellium’s position here reflects exactly that kind of hard⁠-⁠to⁠-⁠replace role, one that supports durable pricing power and long-term access to key programs.

Recent M&A Transactions

Metals & Mining

Apr 21, 2026 – USA Rare Earth, Inc. entered into an definitive agreement to acquire Serra Verde Group for $2.83B. Serra Verde is not a long-running mine, its production only started in 2024, but it’s already being positioned as one of the few sources outside Asia that can supply all the key magnetic rare earths at scale. (AlCircle)

Transportation & Logistics

Apr 22, 2026 – Southern Marinas, a premier owner and operator of marinas in the United States, announced a successful recapitalization, effectuated as a sale by affiliates of KSL Capital Partners, LLC to Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets. (Stonepeak)

Building Products & Materials

Apr 22, 2026 – RoMac announced the acquisition of Residential Building Supply, a privately-held, DeBary-based provider of doors, trim, and custom millwork serving luxury homebuilders across Central Florida. (RedbookLumberData)

Apr 21, 2026 – Catchment Capital, SK Capital Partners, and Isolatek International announced a definitive agreement under which Catchment, a private equity firm focused on transforming middle market industrial businesses, will acquire Isolatek, a leading manufacturer and supplier of passive fireproofing technologies, from SK Capital, a private investment firm focused on the material sciences, specialty ingredients, and life sciences sectors. (BusinessWire)

Apr 19, 2026 – QXO has agreed to acquire insulation products company TopBuild for $17B, marking the building products distributor’s biggest deal to date. The combination will bring together QXO’s leading positions in roofing, waterproofing, lumber-related building materials, and associated products with TopBuild’s insulation capabilities. (WSJ)

Energy

Apr 23, 2026 – Apollo (NYSE:APO) announced that Apollo-managed funds have agreed to acquire a 40% stake in Pembina Gas Infrastructure Inc., a premier gas processing entity in Western Canada, from funds managed by KKR. (Apollo)

Apr 22, 2026 – Kinder Morgan has agreed to acquire the Monument Pipeline system, a natural gas network serving the Houston metropolitan area, for $505M in cash, the company said in its first-quarter earnings release. The transaction includes roughly 225 miles of pipeline infrastructure providing transportation and storage services to local gas utilities, LNG shippers and industrial customers. (PGJ)

Apr 22, 2026 – Delta Utilities, a natural gas utility and Bernhard Capital Partners portfolio company, announced that it has entered into an agreement with a subsidiary of Spire Inc. (NYSE:SR) to acquire its Mississippi local natural gas distribution company that serves approximately 18,000 residential, commercial, and industrial customers across south central Mississippi. (PRNewswire)

Apr 17, 2026 – Marubeni Corporation, through its wholly owned subsidiary SmartestEnergy Limited, has acquired 85% of the shares of Factor Energia, S.A. for ~$239M, which operates a power and gas wholesale and retail business, supplying businesses and residential customers across Iberia and Latin America. (Marubeni)

Apr 16, 2026 – Canada’s Uranium Royalty (TSX:URC; Nasdaq:UROY) agreed to buy privately held Sweetwater Royalties for about $1.1B to diversify and capitalize on rising demand for nuclear fuel. (Mining.com)

Others

Apr 24, 2026 – Porsche agreed to sell its stakes in hypercar joint venture Bugatti Rimac and electric-vehicle maker Rimac Group, moving to focus on its core business as it continues to work through a turnaround program. (WSJ)

Apr 21, 2026 – Airbus agreed to buy French cybersecurity company Quarkslab as it continues to boost its security credentials. The French company said the planned investment is part of its strategy to develop sovereign cybersecurity capabilities in France and boost its position in the wider European cybersecurity sector. (WSJ)

Apr 20, 2026 – Sila Realty Trust said it will be acquired by certain affiliates of Blue Owl Capital in an all-cash transaction valued at about $2.4B. (WSJ)

Top News Stories

Metals & Mining

Century Aluminum restarts Grundartangi potline early, targets near full output by July. Century Aluminum Company has resumed production at the second potline of its Norðurál smelter in Grundartangi, Iceland, several months ahead of schedule. The company confirmed that the first pots in Grundartangi’s second potline have been energised and the remaining units are expected to come online by the end of July to bring the production to near full capacity.

U.S.-based Virtus and Indian partner to restart Congo copper miner Chemaf in 2027. U.S.-based Virtus Minerals and ‌Indian partner Lloyds Metals & Energy (LYMT.NS) plan to restart full production at Congolese copper and cobalt miner Chemaf in January 2027 after a Washington‑backed takeover.

Mexico moves to secure trade terms on aluminum, steel and vehicles as USMCA review approaches. President Claudia Sheinbaum said Mexico is seeking an early agreement with the United States on aluminum, steel and automobiles ahead of the review of the United States-Mexico-Canada Agreement (USMCA).

Constellium secures multi-year Airbus contract for aluminum alloy extrusions supply. Constellium SE has entered into a multi-year agreement with Airbus for the supply of aluminum alloy extrusions, strengthening its long-standing position in the aerospace supply chain.

Saudi Industry Ministry partners with Aluminium Arabia to boost sector growth. Saudi Arabia is sharpening its focus on aluminum and mining, with the Ministry of Industry and Mineral Resources taking on a strategic role at the next Aluminium Arabia event. The move reflects a wider push to expand industries beyond oil and to build a stronger manufacturing base in line with Vision 2030.

Transportation & Logistics

Vancouver port, GCT explore joint terminal development. The Vancouver Fraser Port Authority and GCT Global Container Terminals are exploring a partnership to develop Roberts Bank Terminal 2 at the Port of Vancouver in British Columbia.

CSX curtails operations at its major yard in Chicago. CSX has significantly reduced operations at Barr Yard in Riverdale, Ill., its major Chicago-area terminal, and has shifted most of its switching work to the Belt Railway of Chicago and Indiana Harbor Belt.

Cargill opens Class I-served canola plant in Saskatchewan. Cargill recently opened a new canola processing facility in Regina, Saskatchewan, that accesses rail service from CN and CPKC. The company began construction in July 2022. The facility can process 1 million metric tons of canola annually using crops from growers in Saskatchewan and western Manitoba.

Green light for Strait of Hormuz shipping could take six months after war’s end. It could take six months or longer for ships to be cleared for transit through the Strait of Hormuz, even after the Iran war is over. That’s because Iran has mined the narrow waterway that guards the entrance to the Persian Gulf.

Energy

China Petroleum Engineering unit signs $4.6B Turkmen gas field contract. China Petroleum Engineering has ​signed a $4.6B gas field contract, ‌following a deal between its controlling shareholder CNPC and Turkmenistan's state gas ​company to build the fourth ​phase of Turkmenistan's Galkynysh gas ⁠field.

Japex aims to quadruple oil and gas output in 10 years, eyes U.S. expansion. Japan Petroleum Exploration said it plans to quadruple its oil and gas ​output over the next decade, investing $7.3B in ‌exploration and production, mainly in the United States.

Exxon Mobil in talks to sell Hong Kong fuel station network. U.S. energy major Exxon Mobil ‌is in talks to sell its Hong Kong fuel stations in a deal that could fetch a few hundred million dollars.

EU aims to ease energy blow from Iran war with tax cuts, gas coordination. The European Commission set out plans to cut electricity taxes and coordinate the summer refill of countries' gas storage, as it seeks to cushion the energy fallout from the Iran war.

U.S. judge blocks Trump administration actions stymieing wind, solar projects. A federal ​judge blocked President Donald Trump's administration from enforcing a series of permitting policies that wind and solar ‌energy industry groups say have stymied the development of new energy generation projects.

Others

Trump administration nears $500M Spirit rescue as Iran fuel shock hits airlines. The Trump administration is nearing a deal to rescue ​low-cost carrier Spirit Airlines that could include up to $500M in government-backed financing to help it keep operating through bankruptcy.

About RJM

RJM & Company is a specialized M&A and capital markets advisory investment bank. We provide boards and management teams of public and private companies with independent advice and expertise in a variety of sectors including road, rail and marine transportation, infrastructure, chemicals, energy, metals and mining, manufacturing, building materials, and other coverage areas of the industrial complex. RJM advises clients on all aspects of transactions including timing, structure, and pricing. RJM originates opportunities and helps negotiate and execute transactions already under evaluation.

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