Tiger Group Conducting Sealed Bid Offering Of Assets Of Bankrupt Traffic Safety & Control Equipment Manufacturer Addco, LLC

--Sale includes finished signs, raw materials, replacement parts, intellectual property, manufacturing equipment, rolling stock

Mar 14, 2013, 10:12 ET from Tiger Group

ST. PAUL, Minn., March 14, 2013 /PRNewswire/ -- Tiger Group's Remarketing Services division is conducting a Sealed Bid Offering of assets of St. Paul-based traffic safety and control equipment manufacturer Addco, LLC, whose product lines included permanent dynamic message signs (DMS) and portable changeable message signs built for Intelligent Transportation System (ITS) and traffic control.  

The assets will be sold off in groups of 10 lots through a U.S. Bankruptcy Court-ordered sealed bid sale, with all bids due by 4:00 pm ET on March 21. Lots offered in the sealed bid lot catalog range from all assets to machinery and equipment; specific product lines; all of the company's inventory, including raw materials, components, finished goods and demo units; intellectual property, and various vehicles.

Addco filed for voluntary Chapter 7 bankruptcy on January 11, 2013 in the U.S. Bankruptcy Court for the District of Delaware. Tiger is conducting the sale on behalf of Chapter 7 Bankruptcy Trustee George Miller. A preview of the assets being sold is being conducted, by appointment, at the 60-year-old company's 80,000-square-foot manufacturing facility, located at 240 Arlington Ave. East in St Paul.

"We are working in cooperation with Addco's former management team to facilitate a sale comprised of lots that will appeal to competitors, dealers and distributors, and end-users," said Jeff Tanenbaum, president of Tiger Remarketing. "This process is designed to identify the highest and best bidders, while maintaining large enough lot packages to preserve enterprise opportunities. In other words, a bidder interested in servicing Addco's in-field equipment may only be interested in purchasing the company's parts inventory lots. By the same token, a company interested in stepping into Addco's shoes as a manufacturer could extend their bid to include the intellectual property and machinery and equipment lots. The sale will be awarded in consideration of the highest and best combination of bids."

Tanenbaum added that the process includes a provision for a round of live bidding in the event that comparable bids for various lots are received from different parties. This phase would be conducted through a telephonic auction on March 25.   

Assets being sold include:

  • Finished signs, message and character boards;
  • An estimated $2.6 million inventory that includes replacement parts, components, sub-assemblies and raw materials for the company's full matrix signs, character signs and arrow boards, electrical components, printed circuit boards, metal stock, wire, cable, and more;
  • Intellectual property, including domain name, patents, trademarks, and customer lists; and  
  • Manufacturing and assembly equipment from Addco's fully operable manufacturing facility, along with vehicles, material handling equipment, office furniture, network and office equipment.

For more information about this sale, visit www.SoldTiger.com or call 800-758-8443, to speak with an auction team member.

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 offices in Los Angeles, Boston and New York. To learn more about Tiger, please visit www.TigerGroup.com.

SOURCE Tiger Group