H19 Capital, a joint venture between Hilco Global and Colbeck Capital Management, acquired substantially all of the assets of 19th Capital, a transportation and truck leasing company, in a multi-million dollar transaction which closed on May 1.
19th Capital is headquartered in Indianapolis and provides asset financing for the North American transportation industry, including truck leasing and fleet management services. In the private sale transaction completed on May 1, H19 Capital purchased thousands of semi-trucks and trailers, all trucking service and support machinery and equipment, all intellectual property, and a portfolio of accounts receivable, including more than 600 existing truck leases. Additionally, the deal included the lease of two truck yards and a 136,000 square foot facility located at 9702 E. 30th St. in Indianapolis.
Hilco Global plans to continue to operate the transportation and truck leasing company, and will continue selling and servicing trucks and managing the current lease portfolio while restructuring the operation as a going concern. According to Hilco, this plan will save at least 55 jobs that otherwise would have been eliminated by the end of the year.
“The acquisition of 19th Capital demonstrates the unique capabilities of the Hilco Global platform,” Steve Tanzi, president of Hilco Performance Solutions, said. “The Hilco Valuation Services team was able to properly value the business so that we could develop an appropriate performance improvement and restructuring plan to continue to operate the company. At the same time, Hilco Receivables and Hilco Commercial & Industrial units will begin monetizing all underperforming machinery [and] equipment, account receivables, and current trucking inventory.”
“Colbeck is proud to partner with Hilco on the acquisition of 19th Capital,” Jason Colodne, managing partner of Colbeck, said. “We value our long-standing relationship with Hilco and believe they are among the best in the business of valuing and monetizing assets.”
Tanzi will lead the new going concern and serve as CEO. Bryan Courcier, senior vice president of Hilco Valuation Services, will serve as chief operating officer. Buddy Beaman, executive vice president of Hilco Receivables, will serve as chief commercial officer.
“Hilco has been active in the transportation sector for many years and we believe this transaction provides us with an ideal platform to monetize additional transportation and trucking assets going forward,” Courcier said. “We look forward to restructuring and expanding operations in Indianapolis.”