Stellex Signs Up First Fenix Add On
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Stellex Signs Up First Fenix Add On

Fenix Parts, a recycler and reseller of original equipment manufacturer automotive products, has agreed to acquire the assets of Cox Truck and Van. Stellex Capital Management partnered with a group of automotive industry veterans to acquire publicly traded Fenix Parts in April 2018.

Fenix Parts is active in the recovery and resale of OEM parts, components, and systems reclaimed from damaged, totaled, or low-value vehicles. Customers of the company include collision repair shops, mechanical repair shops, auto dealerships and individual retail customers.

Fenix operates from 12 locations throughout the eastern and southern US. The company was founded in 2014 and is headquartered in Hurst, TX (www.fenixparts.com).

Fenix Parts is led by CEO Bill Stevens, COO Paul Delaney and Vice President of Purchasing and Procurement Stoney Rutledge. Messrs. Stevens, Delaney and Rutledge are former executives of GreenLeaf Auto Recyclers which was spun out of the Ford Motor Company in 2003. Ford created GreenLeaf in 1999 to sell recycled parts to repair shops. The company bought about 30 junkyards in North America and at one time targeted creating a $1-billion-a-year auto recycling business. In 2005, GreenLeaf was acquired by Schnitzer Steel and in 2009 the business was sold to publicly traded LKQ, the sector’s market share leader.

The acquisition of Cox Truck and Van (CTV) is the first add-on acquisition by Stellex since acquiring Fenix. CTV operates a full-service auto recycling facility in Gainesville, GA and both full-service and self-service facilities in Moultrie, GA. The company was founded in 1977 (www.ctvga.com).

CTV’s Georgia locations are key additions to the Southeast supply chain at Fenix Parts. “We are pleased to announce this agreement with CTV,” said Mr. Stevens. “CTV is a high-quality auto recycler whose strategic locations will allow us to expand our distribution, dismantling, warehouse and yard capacity in the Southeast region.”

Stellex invests from $25 million to $100 million in United States or Europe-based companies with enterprise values from $50 million to $500 million. Sectors of interest include automotive, aerospace, building products, defense, industrial equipment, metal fabrication and transportation. Stellex has offices in New York and London (www.stellexcapital.com).

In July 2017, Stellex closed its debut fund, Stellex Capital Partners LP, at $870 million, exceeding its $750 million target.

© 2019 Private Equity Professional | July 17, 2019

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