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Fenix Parts Sells Canadian Operations to Former Owner
Friday 15 March 2019

15 March 2019 - US-based automotive products recycler and reseller Fenix Parts, Inc., Goldy Metals Inc. and Kenneth Gold have closed a transaction under 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 principals said.

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.

Fenix is a 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.

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.

Gold 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.
Details
Date Published: 15/03/2019
Target: Fenix Parts Canadian subsidiaries and their operations
Country: Canada
Sector: Motor Vehicles
Type: Divestment
Financing:
Status: Closed
Vendor: Fenix Parts, Inc
Buyer: Goldy Metals Inc. and Kenneth Gold
Comment:
Terms of the deal were not disclosed

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