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PRESS RELEASE from provider: Business Wire
This content is a press release from our partner Business Wire. The AP newsroom and editorial departments were not involved in its creation.

Fenix Parts Sells Canadian Operations to Former Owner

March 13, 2019

HURST, Texas--(BUSINESS WIRE)--Mar 13, 2019--Fenix Parts, Inc. (“ Fenix ”), Goldy Metals Incorporated and Kenneth Gold (together, “ Goldy ”) today announced the closing of a transaction pursuant to which Fenix sold its Canadian subsidiaries and their operations, consisting of recycling and reselling OEM automotive products, to Goldy for an undisclosed purchase price. The Canadian operations in Ontario, Canada will continue under Goldy ownership and will operate as “Standard Auto Wreckers.” Fenix, operated by a group of auto industry veterans, retains its existing business in the United States.

William Stevens, the Chief Executive Officer of Fenix believes “this sale will facilitate both enterprises’ pursuit of successful futures. The movement of parts across borders has been a challenge due primarily to currency fluctuations, erasing the original benefits from scale. This transaction will enable Fenix to better focus our resources on the United States market, where we see significant opportunity. We wish the Golds success with this acquisition.”

Kenneth Gold, the Chief Executive Officer of Goldy noted “we are excited to have this opportunity to return to running a business that we love. We wish the Fenix organization success as well.”

About Fenix

Fenix 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 was founded in 2014 to create a network that offers sales, fulfillment and distribution in key regional markets. The Fenix companies have been in business an average of more than 25 years and currently operate from locations throughout the Eastern United States.

About Standard Auto Wreckers

Standard Auto Wreckers has deep roots in Ontario, particularly at 1216 Sewells Road in Toronto where the business was first started by Ken Gold’s uncle in the early 1960’s. Ken took over the business in 1979 and was joined by his son, David Gold, over 25 years ago. The business expanded organically over time, facilitating new opportunities and serving a growing customer base throughout southern Ontario. When Goldy sold the business to Fenix in 2015, David remained on as President of the Canadian operations. Now that Goldy has reacquired Standard Auto Wreckers from Fenix, David (who served as President of the Automotive Recyclers Association in 2018) will continue to lead the business. Together with Ken, David will ensure that Standard Auto Wreckers remains a leader in the modern commercial auto-wrecking, salvage and re-sale business in Ontario, while always staying at the forefront of auto recycling industry environmental best practices. At the same time, Ken and David will continue to give back to the communities in which they operate, for the benefit of all stakeholders.

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KEYWORD: UNITED KINGDOM UNITED STATES EUROPE NORTH AMERICA CANADA NEW YORK

INDUSTRY KEYWORD: TRAVEL TRANSPORTATION MANUFACTURING AUTOMOTIVE MANUFACTURING STEEL AUTOMOTIVE AFTERMARKET RETAIL SPECIALTY GENERAL AUTOMOTIVE

SOURCE: Fenix Parts, Inc.

Copyright Business Wire 2019.

PUB: 03/13/2019 07:40 AM/DISC: 03/13/2019 07:40 AM

http://www.businesswire.com/news/home/20190313005383/en