Hilco Global, a provider of asset valuation, monetization and advisory solutions, facilitated the sale of substantially all of Shop-Vac’s assets to GreatStar in a multi-million dollar transaction.
The assets acquired in the transaction include Shop-Vac’s intellectual property, real estate, machinery and equipment, inventory, and accounts receivable holdings.
Shop-Vac, headquartered in Williamsport, PA, is a creator of of wet/dry vacuum systems for consumer and commercial applications. Hilco Global was brought in to provide advisory services around work-in-process conversion and inventory sales and was subsequently engaged to run a process to sell all the assets of Shop-Vac.
“The Shop-Vac assignment demonstrates the ability of the Hilco Global platform to leverage its expertise across our different operating companies to develop a unique solution that creates value for all stakeholders,” Brent Bonham, executive vice president of Hilco Commercial Industrial, said. “The key to success of the Shop-Vac engagement was that we were engaged early in the process before operations ceased. Doing so allowed us to develop strategies to add benefit to the business and stakeholders, such as finishing WIP inventory and negotiating sales to existing and future customers. In the end, our experience and strategy were successful and brought substantial recovery to the lender and sustained benefit to the company purchasing the assets.”
As part of the acquisition, GreatStar will take ownership of all Shop-Vac’s company assets, keeping the Williamsport, PA, factory open and preserving existing jobs and bringing back some previously eliminated jobs.
GreatStar is a manufacturer of hand tools in Asia, serving DIY, professional and industrial markets.
