HURST, Texas--(BUSINESS WIRE)--Fenix Parent LLC, operating as Fenix Parts (“Fenix Parts”), a leading recycler and reseller of original equipment manufacturer automotive parts, announced today it has completed its acquisition of the assets of Fox Auto Parts (“Fox”) in Belleville, Michigan. This is the largest acquisition completed by Fenix Parts since the company was acquired by affiliates of Stellex Capital Management LLC (“Stellex”) in April 2018.
Fox is a full-service and self-service automotive recycler and auto repair facility servicing the Detroit, Ann Arbor, and Northern Ohio markets. This is Fenix Parts’ fifth acquisition in the Midwest and brings Fenix’s location count to 23 full-service and 5 self-service locations.
Bill Stevens, CEO of Fenix Parts, said, “We are thrilled to announce the acquisition of Fox and excited about the addition of its experienced and talented team to the Fenix family. This acquisition expands Fenix’s existing footprint in Michigan, adding both full and self-service operations, and adds significant production and distribution capacity. In aggregate, the Detroit, Ann Arbor, and Toledo areas’ population totals 5.4 million, providing significant demand for our parts. We will be servicing our customers from the Belleville and Sterling Heights locations.”
The company also announced that Bill Fox has been named Vice President of Purchasing and Bob Fox will take on the role of Midwest Regional Vice President of Fenix Parts.
Stevens added, “I want to give a special welcome to the incredible team at Fox. Bill and Bob are among the most progressive automotive recyclers and have done an excellent job managing Fox and its industry-leading performance. We look forward to their commitment in adding significant value to Fenix as we continue to grow our business.”
Bill and Bob Fox said, “The Fox family is proud to join the Stellex-sponsored Fenix organization. We decided to partner with Fenix because we wanted to ensure that our employees would continue to work for an industry leader. As a top-tier recycler and reseller of OEM automotive products, Fenix has invested significant capital in its employees, infrastructure, logistics and information technology and our partnership will ensure continued career opportunities for our employees. Our team will look to leverage these investments as they grow with one of the most efficient operators in the industry.”
Fenix Parts continues to pursue opportunities that align with its strategic development plans. Current auto recycling owners interested in learning more about Fenix’s acquisition process should email info@fenixparts.com
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 was founded in 2014 to create a network that offers sales, fulfillment, and distribution in key regional markets in the United States. Fenix currently operates locations in the Northeast, Southeast, Southwest, and Midwest, and the Fenix companies have been in business for more than 25 years on average.
About Stellex Capital Management LLC
With offices in New York, Detroit, Pittsburgh, and London, Stellex is a private equity firm with over $2.6 billion in AUM. Stellex seeks to identify and deploy capital in opportunities that have the potential to provide stability, improvement, and growth. Portfolio companies benefit from Stellex’s industry knowledge, operating capabilities, network of senior executives, strategic insight, and access to capital. Sectors of particular focus include specialty manufacturing, industrial and business services, aerospace & defense, automotive, government services, transportation, logistics and food. Additional information may be found at www.stellexcapital.com.
