Integration will benefit customers with increased inventory availability and expanded offerings in the Southeast
HURST, TX August 1, 2019– Fenix Parts, Inc.and its affiliates (“Fenix Parts”), a leading recycler and reseller of original equipment manufacturer automotive products, announced today the closing of the transaction to acquire the assets of Cox Truck and Van, Inc. (“CTV”). The execution of a definitive purchase agreement was previously announced on July 16, 2019. This is the first acquisition completed to the Fenix Parts platform since the company was acquired by affiliates of Stellex Capital Management LP in April 2018.
CTV, founded in 1977, operates a full service auto recycling facility in Gainesville, GA and both full service and self service facilities in Moultrie, GA. The Georgia locations will be key additions to the Southeast supply chain at Fenix Parts.
Bill Stevens, CEO of Fenix Parts, said, “We are pleased to complete this transaction. Since the signing of the purchase agreement, Fenix Parts and CTV have worked diligently to develop and implement a plan to integrate CTV into our operations. As a result of this work, we are in a position to provide immediate benefits to our customers in the form of increased inventory availability and make the transition seamless for our employees.”
About Fenix Parts
Fenix Parts is a leading recycler and reseller of OEM automotive products. The company’s primary business is auto recycling, which is the recovery and resale of OEM parts, components, and systems reclaimed from damaged, totaled, or low value vehicles. Fenix Parts was founded in 2014 to create a network that offers sales, fulfillment and distribution in key regional markets in the United States. The Fenix Parts companies have been in business an average of more than 25 years and currently operate from locations throughout the Eastern U.S. For more information please visit: www.fenixparts.com.
About Stellex Capital Management
Stellex is a private equity manager that invests in and oversees U.S. and European corporate assets. Stellex’s focus is on middle-market companies going through business or industry transitions, as well as special situation opportunities. Stellex seeks to identify and deploy capital in opportunities that have the potential to provide stability, improvement, and growth for its portfolio companies. For more information please visit: www.stellexcapital.com.
# # #
Media Contact:
Laura Brophy
203-331-7618
email hidden; JavaScript is required
There are no comments so far