HURST, Texas--(BUSINESS WIRE)--Fenix Parent LLC, operating as Fenix Parts ("Fenix Parts" or the "Company"), a leading recycler and reseller of original equipment manufacturer automotive parts, announced today it has completed its acquisition of the assets of Neal Auto Parts ("Neal") in Peoria, Illinois. Fenix Parts was acquired by affiliates of Stellex Capital Management LLC in April 2018.
Neal is an automotive recycler servicing the Central Illinois market with a population of approximately 1.3 million people. This is Fenix Parts' eighth acquisition in the Midwest and brings Fenix's location count to 27 full-service and 5 self-service locations.
Bill Stevens, CEO of Fenix Parts, said, "We are pleased to announce the acquisition of Neal and excited about the addition of its experienced and talented team to the Fenix family. This acquisition continues our Midwest footprint expansion westward with close proximity to both our Chicago location and new Indianapolis hub, and allows us the opportunity to leverage our 85+ acres of Midwest full-service production capacity."
Stevens added, "I want to give a special welcome to the Neal team. Neal has been in the auto recycling business for almost 75 years, and we are excited to have the team join Fenix to help us continue to grow in the Midwest."
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, Midwest and Southern California, 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 Capital is a private equity firm with over $2.8 billion in AUM. Stellex seeks to identify and deploy capital in opportunities that stand to benefit from its operationally focused and hands-on approach to investing. Portfolio companies are supported by Stellex's industry knowledge, operating capabilities, network of senior executives, strategic insight, and access to capital. Sectors of particular focus include aerospace, defense & government services, transportation & logistics, manufacturing, real economy & business services, food processing and tech-enabled services. Additional information may be found at www.stellexcapital.com.
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