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.
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.
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.
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.