NEW YORK & LONDON--(BUSINESS WIRE)--Fenix Parts, Inc. (“Fenix”) (OTCMKTS:FENX), a leading recycler and reseller of OEM automotive products operating through the Eastern U.S. and in Ontario, Canada, was today acquired by a group of auto industry veterans in partnership with Stellex Capital Management (“Stellex”), a middle market private equity firm with offices in New York and London. The financial terms of the investment were not disclosed.
Bill Stevens, a seasoned executive with more than 25 years of experience in the auto recycling industry, will serve as CEO of the new enterprise. In discussing the acquisition, Stevens noted, "We are very excited about this opportunity because there are a number of high quality operators in the company. Together, they create a strong growth opportunity utilizing the Fenix platform moving forward.” He added, “Fenix intends to work with independent operators and industry alliances while pursuing initiatives to allow the company to grow both organically and inorganically.”
Joining Stevens are Paul Delaney, who will serve as COO, and Stoney Rutledge, who will serve as Vice President of Purchasing and Procurement. Stevens, Delaney and Rutledge are former executives of GreenLeaf Auto Recyclers (“GreenLeaf”). Delaney and Rutledge were most recently the founder-owners of Late Model Auto Salvage in Fort Worth, TX. As part of the transaction, Late Model will become a part of Fenix.
“We are proud to join the Fenix family,” said Delaney. “Fenix is comprised of best-in-class salvage yards run by passionate operators. We believe that Fenix will be very successful as a private company.”
Michael Stewart, a Managing Partner at Stellex, commented, “We are thrilled to be investing in this space and to have the opportunity to work with such an experienced operating team. This is a great fit for us given our extensive experience investing across the automotive supply chain.”
Former GreenLeaf colleagues Dixon Thayer, Ron Sturgeon, and Brian Nerney have taken an equity stake in Fenix and have agreed to serve on its board.
Stellex would like to thank the outgoing senior management team for their service to the company and for stewarding the transaction to a successful completion.
About Fenix Parts
Fenix Parts, Inc. 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 in the United States and Canada. The Fenix companies have been in business an average of more than 25 years and currently operate from locations throughout the Eastern U.S. and in Ontario, Canada.
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.
About the Operating Team
The team previously worked together to lead the carve-out of GreenLeaf from The Ford Motor Company and undertook a successful restructuring and turnaround of the business. At the time, GreenLeaf was one of the largest sources of recycled, remanufactured, and reconditioned OEM auto parts for the collision and mechanical repair industries. In 2005, GreenLeaf was sold to Schnitzer Steel and was subsequently sold to LKQ. Bill Stevens served as Executive Vice President at GreenLeaf and was responsible for the management and oversight of all GreenLeaf facilities. Paul Delaney was a Vice President at GreenLeaf responsible for operations and performance measurement. Stoney Rutledge was the Regional Vice President of the Southeast region of GreenLeaf. Dixon Thayer was CEO of GreenLeaf alongside Ron Sturgeon and Brian Nerney, who served in executive and board roles at the company.
