In the mid-1800's, Mayer Lipsitz and his son Louis Lipsitz arrived in Waco, Texas, to open "Louis Lipsitz Wholesale" a recycling company. Louis Lipsitz recycled copper, brass, iron, rags, rope, animal bones and hides, glass containers, and as family history has it, Louis would purchase anything that could be recycled.

In the early 1930's, during the depression years, Louis' three sons, Willie, Bert, and Melvin Sr. joined their father in the family business. Years later, Melvin Sr. acquired the family business and changed the name to M. Lipsitz & Company.

Tommy G. Salome, Jr., joined M. Lipsitz & Company in 1957, becoming a partner after Melvin Sr.'s death in 1969. Tommy remained a partner in M. Lipsitz & Company for over 60 years until his death in 2021.

Today, the fourth generation, Melvin Lipsitz, Jr, and the fifth generation, Melvin Lipsitz, Ill (Trey) and Kirk Patrick Lipsitz, continue the legacy.

M. Lipsitz & Company is celebrating its 127th year with 14 locations in the Southwest United States. M. Lipsitz & Company is the oldest business in Waco, Texas, and recognized as a Texas Treasure Business by the Texas Historical Commission.