Fenix Parts Inc., a recycler and reseller of OEM automotive products operating through the Eastern U.S. and in Ontario, Canada, has been acquired by a group of auto industry veterans in partnership with Stellex Capital Management, a middle market private equity firm with offices in New York and London. The financial terms of the investment were not disclosed.
Stockholder approval of the proposed deal was announced on April 10.
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 chief operating officer, and Stoney Rutledge, who will serve as vice president of purchasing and procurement. Stevens, Delaney and Rutledge are former executives of GreenLeaf Auto Recyclers. Delaney and Rutledge were most recently the founder-owners of Late Model Auto Salvage in Fort Worth, Texas. 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.