HURST, Texas--(BUSINESS WIRE)--First paragraph, first sentence of release should read: Fenix Parts, Inc. (“Fenix Parts”), a leading recycler and reseller of original equipment manufacturer automotive products, today announced the execution of a definitive agreement whereby Fenix Parts will acquire the assets of Cox Truck and Van, Inc. (“CTV”).” (instead of Fenix Parts, Inc. (“Fenix”), a leading recycler and reseller of original equipment manufacturer automotive products)
The corrected release reads:
FENIX PARTS ENTERS DEFINITIVE AGREEMENT TO ACQUIRE ASSETS OF COX TRUCK AND VAN
Transaction will be the first acquisition for Fenix Parts since acquired by affiliates of Stellex Capital Management LP
Fenix Parts, Inc. (“Fenix Parts”), a leading recycler and reseller of original equipment manufacturer automotive products, today announced the execution of a definitive agreement whereby Fenix Parts will acquire the assets of Cox Truck and Van, Inc. (“CTV”). The parties expect the acquisition to be completed in July. CTV, founded in 1977, operates a full service auto recycling facility in Gainesville, GA and both full service and self service facilities in Moultrie, GA. The Georgia locations will be key additions to the Southeast supply chain at Fenix Parts.
Bill Stevens, CEO of Fenix Parts, said, “We are pleased to announce this agreement with CTV. We look forward to welcoming CTV to Fenix Parts and are excited to work with this highly talented team. CTV is a high-quality auto recycler whose strategic locations will allow us to expand our distribution, dismantling, warehouse and yard capacity in the Southeast region. Their strong leadership and company culture are an excellent fit for Fenix Parts."
This acquisition represents the first addition to the Fenix Parts platform since the company was acquired by affiliates of Stellex Capital Management LP in April 2018.
Joey, Jason and Randy Cox of CTV stated, "We are very humbled and excited to bring our family business into the Fenix Parts fold. We look forward to contributing to the great success Fenix Parts has achieved in the Southeast region."
About Fenix Parts
Fenix Parts is a leading recycler and reseller of OEM automotive products. The company’s primary business is auto recycling, which is the recovery and resale of OEM parts, components, and systems reclaimed from damaged, totaled, or low value vehicles. Fenix Parts was founded in 2014 to create a network that offers sales, fulfillment and distribution in key regional markets in the United States. The Fenix Parts companies have been in business an average of more than 25 years and currently operate from locations throughout the Eastern U.S. For more information, please visit https://fenixparts.com/.
About Stellex Capital Management
Stellex is a private equity manager that invests in and oversees U.S. and European corporate assets. Stellex’s focus is on middle-market companies going through business or industry transitions, as well as special situation opportunities. Stellex seeks to identify and deploy capital in opportunities that have the potential to provide stability, improvement, and growth for its portfolio companies. For more information, please visit: www.stellexcapital.com.