ATLANTA – January 13, 2026 – Aprio, the 24th largest business advisory and accounting firm in the U.S., today announced it advised Pinnacle Asset Management, L.P. (“Pinnacle”) and Concord Resources Holdings Limited (“Concord”) in the closing of a strategic partnership with the United States Department of War (“DOW”) related to Atlantic Alumina Company LLC (“ATALCO”), the only operating alumina refinery in the United States.
The $450 million equity investment from DOW and entities managed by Pinnacle supports the continued operation and expansion of ATALCO’s long-standing Gramercy, Louisiana facility and the development of the nation’s first and only large-scale primary gallium production circuit. The partnership is intended to strengthen domestic supply chains for critical minerals essential to U.S. aerospace and defense systems, advanced semiconductors, and next-generation energy technology. This is the first step in a broader partnership between ATALCO and the DOW.
Aprio, led by Raj Chilakapati from Valuation and Investigation Services and Josh Myers from Aerospace, Defense, and Government Advisory Services, provided financial and transaction advisory services to Pinnacle and Concord, supporting the structuring and execution of the partnership. The transaction underscores Aprio’s experience advising clients on complex, capital-intensive transactions involving strategic assets across the U.S. defense and aerospace supply chain and beyond.
“The Aprio team was instrumental throughout this process, and we are grateful for the guidance they provided from start to finish,” said Jason Kellman, Chief Investment Officer and Managing Partner of Pinnacle. “The team’s transaction experience and valuation knowledge played a key role in achieving a successful outcome.”
“This partnership demonstrates the importance of aligning private capital with public sector priorities as America’s mineral supply chains have been exposed to increasing pressure and risks,” said Neal Beggan, National Advisory Services Leader of Aprio. “We are proud to support Pinnacle and Concord on a transaction of national strategic significance for the benefit of U.S. industry, innovation, and long-term growth.”
With teams spanning transaction and valuation advisory, financial due diligence, and strategic growth services, Aprio advises investors and operators across the investment lifecycle on complex transactions that drive long-term value.
About Aprio
Aprio is redefining what it means to be a global advisory and accounting firm. We help businesses and individuals Account for Anything™ — delivering clarity and confidence in a world full of unknowns. Aprio is the brand name under which Aprio, LLP, and Aprio Advisory Group, LLC deliver professional services to clients worldwide. Aprio Advisory Group, LLC provides advisory, tax, legal, wealth, and talent solutions to help build value, drive growth, manage risk, and protect wealth, while Aprio, LLP delivers audit and attest services with uncompromising quality and integrity. With more than 2,800 team members serving clients in 50+ countries and $5.5B in assets under management, Aprio is consistently recognized as a Top Workplace, celebrated for transformative growth on the Inc. 5000 and Inc. Power Partners lists, and led by Richard Kopelman, named to Accounting Today’s Top 100 Most Influential People in Accounting. Learn more at Aprio.com.
About Pinnacle Asset Management
Founded in 2003, Pinnacle Asset Management, L.P. is a private, New York-based alternative asset management firm focused on the global commodities markets with approximately $6 billion under management. Pinnacle provides its institutional investor base with exposure to the global commodities markets via physical and financial absolute return strategies. Pinnacle is an investment adviser registered with the Securities and Exchange Commission; is a commodity trading adviser and commodity pool operator registered with the Commodity Futures Trading Commission; and is a member of the National Futures Association.
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