Fenix Parts, a recycler and reseller of original equipment manufacturer automotive products and a portfolio company of Stellex Capital Management, has acquired Reno’s Auto Parts.
Reno’s Auto Parts is an automotive recycling facility carrying all types of new and used auto parts. The company specializes in late-model foreign and domestic cars, trucks, and SUVs. Reno’s is located 60 miles east of Cincinnati in Hillsboro, Ohio and services the Cincinnati and Dayton markets.
Stellex partnered with a group of automotive industry veterans – Bill Stevens, Paul Delaney, and Stoney Rutledge – to acquire publicly traded Fenix Parts in April 2018. The three executives are former senior managers 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.
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. The company was founded in 2014 and is headquartered northeast of Fort Worth in Hurst, Texas.
“We are pleased to announce the acquisition of Reno and are excited about the addition of its experienced and talented team to the Fenix family,” said Bill Stevens, the CEO of Fenix Parts. “This acquisition expands our distribution footprint into Cincinnati and Dayton and adds significant production capacity to our Midwest region that will drive incremental sales at our Columbus and Cleveland locations.”
The acquisition of Reno’s is the eighth add-on completed by Fenix under Stellex ownership and follows the buys of Georgia-based Cox Truck and Van (August 2019); Florida-based All Pro Auto Parts (December 2020); Massachusetts-based New England Auto & Truck Recyclers (September 2021); Texas-based Charlie’s Truck & Auto Parts (September 2021); Florida-based University Auto Recyclers (October 2021); Ohio-based All Foreign Used Auto Parts (December 2021) and New York-based sister companies A&P Auto Parts and U-Pull U-Save Auto Parts (July 2022).
New York City-headquartered Stellex invests from $50 million to $150 million in United States or Europe-based companies with enterprise values from $50 million to $500 million and revenues greater than $100 million. Sectors of interest include specialty manufacturing, industrial and business services, aerospace and defense, automotive, government services, transportation, logistics, and food. Stellex has additional offices in Detroit, Pittsburgh, and London.
© 2022 Private Equity Professional | October 11, 2022
