Fenix Parts acquires Tri-City Auto Salvage

Fenix Parts Inc., a Westchester, Illinois-based recycler and reseller of OEM (original equipment manufacturer) automotive products based in has acquired Tri-City Auto Salvage of Greensboro, North Carolina, for approximately $6.6 million in cash and 42,363 shares of Fenix common stock.

Tri-City is a full-service automotive recycling facility servicing Greensboro and the surrounding markets and represents Fenix Parts’ second location in North Carolina. For the 12 months ended June 30, 2015, Tri-City had revenue of approximately $8 million.

Kent Robertson, CEO of Fenix Parts, says, “We are pleased to announce the acquisition of Tri-City Auto Salvage, which has been doing business in central North Carolina—which includes the Greensboro, Charlotte, Raleigh-Durham and surrounding areas—for the past 21 years. Led by an experienced and highly respected management team, Tri-City offers a broad selection of used parts for both domestic and foreign model vehicles. In line with our strategy, it will provide our customers access to a larger and more diversified inventory of parts while also expanding our distribution, dismantling, warehouse and yard capacity.”

Robertson says the acquisition builds off of the company’s recent acquisition of Butler Auto Sales and Parts in Forest City, North Carolina, establishing Fenix as a leader in the state’s strong automotive recycling industry.

Fenix now operates 16 facilities, including Tri-City, throughout the East Coast.