Remaining Former Assets Of Bankrupt Auto Parts Giant Fenco Up For Bid --Following a successful large-lot sale, Tiger Group conducts online sale for remaining warehouse and distribution center equipment; bids close Oct. 17
LOS ANGELES, Oct. 10, 2013 /PRNewswire/ -- Following the successful large-lot sale of the majority of the former assets of one of North America's biggest auto parts suppliers — Fenco (Fenwick Automotive Products Ltd., Introcan and related entities) — Tiger Group's Remarketing Services Division is liquidating the bankrupt companies' remaining warehouse and distribution center equipment in an online auction that closes next week.
Bidding is now underway on the former assets of the companies at www.SoldTiger.com and will close in rapid succession, live auction style, on October 17 at 10:30 a.m. The assets will be available for inspection at two locations on October 16: 4741 Durfee Ave, Pico Rivera, Calif., from 10:00 a.m. to 4:00 p.m. PT; and at 1411 Third Ave., Lock Haven, Penn., from 10:00 a.m. to 4:00 p.m. ET.
During the initial court-supervised sealed-bid auction of former Fenco assets that closed on Aug. 30 and September 6, Tiger sold full product lines, business units and the majority of equipment – including lift trucks and pallet racks – to two strategic buyers: automotive aftermarket companies Cardone Industries and Triple Diamond Imports. Cardone also took over the lease of Fenco's 600,000-sq.-ft. facility in Lock Haven, Penn.
"Any company with warehousing or distribution operations will be interested in the equipment groupings that are available in Pennsylvania and California," said Andy Babcock, Tiger Group's Director of Inventory Strategies.
The online offering includes 3,000-lb. capacity battery- and manually-operated scissor-lift pallet jacks, H-class thermal transfer barcode label printers, laser printers, RFID hand-held scanners, CV joint grinders, calibration tables, and other machinery and equipment.
Fenco was a major supplier to companies like AutoZone, GM and NAPA Auto Parts, with annual revenues of approximately $200 million. On June 10, 2013, Fenwick, Introcan and related entities filed for Chapter 7 in the U.S. Bankruptcy Court in Wilmington, Del. The Torrance, Calif.-based companies had sold new and remanufactured parts under private-label and the Fenco and DynaPak brand names for passenger vehicles and trucks sold across the globe. Parts sold by the companies included steering components, brake calipers, master cylinders, hub assemblies, clutches and hydraulics.
For a full description of the assets being auctioned and details on how to bid, visit: www.SoldTiger.com.
About Tiger Group
Tiger Group provides asset valuation, advisory and disposition services to a broad range of retail, wholesale, and industrial clients. With over 40 years of experience and significant financial backing, Tiger offers a uniquely nimble combination of expertise, innovation and financial resources to drive results. Tiger's seasoned professionals help clients identify the underlying value of assets, monitor asset risk factors and, when needed, provide capital or convert assets to capital quickly and decisively. Tiger's collaborative, straight-forward approach is the foundation for its many long-term 'partner' relationships and decades of success. Tiger operates main offices in Boston, Los Angeles and New York. To learn more about Tiger, please visit www.TigerGroup.com.
SOURCE Tiger Group