HURST, Texas–(BUSINESS WIRE)–Fenix Parts, Inc. (“Fenix”), Goldy Metals
Incorporated and Kenneth Gold (together, “Goldy”)
today announced the closing of a transaction pursuant to which Fenix
sold its Canadian subsidiaries and their operations, consisting of
recycling and reselling OEM automotive products, to Goldy for an
undisclosed purchase price. The Canadian 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, the Chief Executive Officer of Fenix 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, the Chief Executive Officer of Goldy noted “we are excited
to have this opportunity to return to running a business that we love.
We wish the Fenix organization success as well.”
Fenix 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. The Fenix companies have been in business an average of more
than 25 years and currently operate from locations throughout the
Eastern United States.
About Standard Auto Wreckers
Standard Auto Wreckers has deep roots in Ontario, particularly at 1216
Sewells Road in Toronto where the business was first started by Ken
Gold’s uncle in the early 1960’s. Ken took over the business in 1979 and
was joined by his son, David Gold, over 25 years ago. The business
expanded organically over time, facilitating new opportunities and
serving a growing customer base throughout southern Ontario. When Goldy
sold the business to Fenix in 2015, David remained on as President of
the Canadian operations. Now that Goldy has reacquired Standard Auto
Wreckers from Fenix, David (who served as President of the Automotive
Recyclers Association in 2018) will continue to lead the business.
Together with Ken, David will ensure that Standard Auto Wreckers remains
a leader in the modern commercial auto-wrecking, salvage and re-sale
business in Ontario, while always staying at the forefront of auto
recycling industry environmental best practices. At the same time, Ken
and David will continue to give back to the communities in which they
operate, for the benefit of all stakeholders.