BOSTON, Jan. 12, 2016 /PRNewswire/ -- Gordon Brothers Group and Hilco Global announced today that they have executed a definitive agreement with Wilbanks Energy Logistics LLC and its affiliated entities to acquire the company's entire fleet of trucking and heavy haul equipment. An orderly sale of assets will begin immediately and will be managed jointly by Gordon Brothers Group's Commercial and Industrial Division and Hilco Industrial.
Wilbanks operated as a full-service energy logistics company until being placed into receivership due to adverse market conditions affecting the oil and gas industry. The company served the Permian Basin with full-service yards located in Artesia, NM; Carlsbad, NM; Hobbs, NM; and Gardendale, TX. The company's fleet of over 400 pieces of equipment includes Winch Trucks, Gin Trucks, Bed Trucks, Twin-Steer Tandem Trucks, Heavy Haul Trailers, Wheel Loaders, Forklifts, Telehandlers, Manlifts, Service Trucks, Vehicles, Crawler Cranes and Hydraulic Truck Cranes. The late model Wilbanks equipment received the 2014 Fleet of the Year Award from Go by Truck in the vocational category.
"We are pleased to bring this package of late model equipment to the marketplace. While the fleet previously served oilfield uses, it has many other industrial applications," stated Robert Maroney, President of Gordon Brothers Group's Commercial & Industrial Division. "We have already seen a great amount of interest from strategic buyers and expect this to be a very fast private treaty sale."
About Wilbanks Energy Logistics
Founded over 25 years ago, Wilbanks Energy logistics operated as a leading rig moving and logistics company serving the oil & gas industry until being placed into receivership. The company operated out of four locations across the southwest in New Mexico and Texas. Wilbanks Energy Logistics boasted the material resources to accomplish even the most technically demanding and logistically daunting jobs utilizing its expert staff and cutting edge technology.
About Gordon Brothers Group
Founded in 1903, Gordon Brothers Group (www.gordonbrothers.com) is a global advisory, restructuring and investment firm specializing in the retail, consumer products, industrial and real estate sectors. Gordon Brothers Group maximizes value for both healthy and distressed companies by purchasing or selling all categories of assets, mitigating leases, appraising assets and operating businesses for extended periods. Gordon Brothers Group conducts over $70 billion worth of transactions and appraisals annually. As of November 2014, debt financing is provided by Gordon Brothers Finance Company (www.gbfinco.com).
About Hilco Industrial
Hilco Industrial (www.hilcoind.com) provides industrial asset disposition services, specializing in machinery, equipment and inventory auctions and negotiated sales. It sells the broad range of industrial assets found in manufacturing, wholesale and distribution companies. Hilco Industrial performs dispositions through on-site, online and combination webcast auction sale events as well as negotiated (private treaty) sales. In addition to providing services on a fee or commission basis, Hilco Industrial has capital to put at risk and often acquires assets or provides guarantees. Hilco Industrial is part of Northbrook, Illinois based Hilco Global (www.hilcoglobal.com), one of the world's leading experts on maximizing the value of business assets by delivering valuation, monetization and advisory solutions to an international marketplace. Hilco Global operates twenty specialized business units offering services that include asset appraisal, retail and industrial inventory acquisition and disposition, real estate repositioning and renegotiation, strategic advisory, operational consulting and strategic capital equity investments.
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SOURCE Gordon Brothers Group