Fenix Parts Inc., Goldy Metals Incorporated and Kenneth Gold have announced the closing of a transaction pursuant to which Fenix has sold its Canadian subsidiaries and their operations, consisting of recycling and reselling OEM automotive products, to Goldy for an undisclosed purchase price. The 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, CEO of Fenix, said he 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, CEO of Goldy, added, “We are excited to have this opportunity to return to running a business that we love. We wish the Fenix organization success as well.”