Daily News: June 5, 2012

Gordon Brothers to Sell $50MM in Construction Equipment

Gordon Brothers Group said it acquired over 375 pieces of late model, heavy construction equipment formerly owned by heavy civil contractor T.J. Lambrecht. Gordon Brothers said it plans to sell $50 million in equipment immediately.

The equipment acquired by Gordon Brothers Group’s Commercial & Industrial Division consists of Caterpillar crawler tractors, hydraulic excavators, motor scrapers, motor graders, wheel loaders, articulated end dump trucks, reclaimers and compactors. This asset purchase also included late model Kenworth, Peterbilt and Mack truck tractors, fuel lube, water and service trucks, Ford and Chevrolet pickups, mechanics trucks and heavy capacity low boy equipment transport trailers.

“Gordon Brothers Commercial & Industrial approached us with a unique opportunity to sell our excess equipment while simultaneously offering short term rental of key pieces needed to complete several construction projects still in process,” said Dan Klingberg, president of T.J. Lambrecht. “Gordon Brothers was the perfect partner given their ability to deliver capital at close while simultaneously offering a creative rental solution that allowed our company maximum flexibility.”

“We are pleased that the financial strength of Gordon Brothers Commercial & Industrial allowed us to purchase this package of extremely high quality construction equipment that was considered excess by the company,” stated Robert Maroney, co-president, Gordon Brothers Group’s Commercial & Industrial Division. “We believe that the solution we created for the company will allow for maximum operating flexibility.”