Daily News: October 11, 2013

Tiger Group Holds Online Sale for Fenco

Following the successful large-lot sale of the majority of the former assets of one of North America’s biggest auto parts suppliers, Fenco, Tiger Group’s Remarketing Services Division is liquidating the bankrupt company’s remaining warehouse and distribution center equipment in an online auction that closes next week.

Bidding is underway on the former assets of the companies and will close in rapid succession, live auction style, on October 17 at 10:30 a.m. The assets will be available for inspection at two locations on October 16.

During the initial court-supervised sealed-bid auction of former Fenco assets that closed on August 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, PA.

“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.

The online offering includes 3,000-pound capacity battery and manually operated scissor-lift pallet jacks, H-class thermal transfer barcode label printers, laser printers, RFID hand-held scanners, CV joint grinders, calibration tables, and other machinery and equipment.

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, DE. The Torrance, CA-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.

For a full description of the assets being auctioned and details on how to bid, click here.

Previously on abfjournal: Tiger Group Liquidates Former Assets of Fenco, August 28, 2013