Hilco Commercial Industrial Facilitates Sale of Shop-Vac Assets to GreatStar Tools USA, LLC

NORTHBROOK, Ill., Jan. 25, 2021 /PRNewswire/ -- Hilco Global, the world's premier authority on asset valuation, monetization, and advisory solutions, announced today that it has facilitated the sale of substantially all of the assets for Shop-Vac to GreatStar in a multi-million dollar transaction that closed on December 24, 2020. The assets acquired in the transaction include Shop-Vac's intellectual property, real estate, machinery & equipment, inventory, and accounts receivable holdings.

Shop-Vac is headquartered in Williamsport, Pennsylvania and is the brand leader in wet/dry vacuum systems for consumer and commercial applications. Hilco Global was brought in to provide advisory services around work-in-process ("WIP") conversion and inventory sales and was subsequently engaged to run a process to sell all the assets of Shop-Vac. 

Using the breadth, depth, and experience of the entire Hilco Global platform, the Commercial Industrial team was able to optimize Shop-Vac's operations, convert WIP inventory, keep existing sales channels open, and collect the accounts receivable portfolio.  In parallel to consulting and helping to manage Shop-Vac's business, Hilco executed a successful sales process, ultimately finding a buyer to purchase substantially all assets.

Brent Bonham, Executive Vice President Hilco Commercial Industrial said, "The Shop-Vac assignment demonstrates the ability of the Hilco Global platform to leverage its expertise across our different operating companies to develop a unique solution that creates value for all stakeholders."  Bonham added, "The key to success of the Shop-Vac engagement was that we were engaged early in the process before operations ceased. Doing so allowed us to develop strategies to add benefit to the business and stakeholders, such as finishing WIP inventory and negotiating sales to existing and future customers. In the end, our experience and strategy were successful and brought substantial recovery to the lender and sustained benefit to the company purchasing the assets."

As part of the acquisition, GreatStar will take ownership of all Shop-Vac's company assets, keep open the Williamsport, PA, factory, and preserve existing and some previously eliminated jobs.

About Hilco Global: Hilco Global (www.hilcoglobal.com) is a privately held diversified financial services company and the world's preeminent authority on maximizing the value of assets for both healthy and distressed companies.  Hilco Global operates as a holding company comprised of over twenty specialized business units that work to help companies understand the value of their assets and then monetize that value.  Hilco Global has a 30-year track record of acting as an advisor, agent, investor and/or principal in any transaction.  Hilco Global works to deliver the best possible result by aligning interests with clients and providing them strategic insight, advice, and, in many instances, the capital required to complete the deal.  Hilco Global is based in Northbrook, Illinois and has 600 professionals operating on five continents.

About Shop-Vac:  Headquartered in Williamsport, PA, Shop-Vac is the brand leader in wet/dry vacuum systems for consumer and commercial applications. A pioneer in the heavy-duty vacuum system category and serving workshops, garages, factories and other demanding applications since 1965, the brand also offers accessories ranging from wet and dry filters, replacement vacuum parts and sawdust collection systems. For more information, visit www.shopvac.com.  

About Hangzhou GreatStar Industrial Co., Ltd.: Established in 1993, GreatStar is the leading manufacturer of hand tools in Asia, serving DIY, professional and industrial markets worldwide. GreatStar also manufactures a full range of specialty tools for drywall, masonry, painting, tiling, plumbing and automotive applications, as well as power tools, tool sets and flashlights. GreatStar's culture of innovation, firm commitment to R&D and extensive customer insight ensure their leading brands and high-quality products meet the specific needs of the consumers and professionals they serve. For more information, visit www.greatstartools.com.

MEDIA CONTACTS
Gary C. Epstein
Hilco Global
Executive Vice President – CMO
[email protected]
+1 847 418 2712

Karen Bubrowski
Hilco Global
Marketing Director
[email protected]
+1 847 849 2911

SOURCE Hilco Global

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