Tuesday, July 18, 2017

Sold as a Going Concern: The Power of Auctioneer Agents to Facilitate Bulk Sales

Over the past several years, Loeb Winternitz Industrial Auctioneers has taken the lead in active negotiations to sell several facilities as a Going Concern, prior to auction. While selling machinery assets at auction can be a quick and effective exit strategy, there is a bigger benefit to selling the facility to a bulk buyer including the possibility of preserving jobs in the process.

Most often Auctioneers have their pulse firmly on the industry and lend expert opinion on not only the values, but also the trends and demand. Knowing the needs of the various industries and which strategic buyers are a suitable fit, help to facilitate bulk purchases, including real estate.


Complete Operations Sold as Ongoing Concerns:


Since 2013, Loeb Winternitz has facilitated the negotiations of 8 companies as complete ongoing facilities, often at the 11th hour. These include companies within industries such as: Metalworking, Craft Brewing, Scrap & Demolition, Baking & Snack Foods, Coffee, Cosmetics, and Sauces. This is in addition to the 250 auctions conducted during the same time period.

“Based on the opportunity, time frame, and needs of our clients, we typically proceed down dual paths to ensure each strategy is successful,” states Charles J. Winternitz, President of Loeb Winternitz. “It’s a race against the clock, but at the end of the day, there’s a vested interest in saving the company, saving the jobs, and keeping the plant running.”

Loeb Winternitz’ 250 years of combined experience, enables us to provide candid solutions as to whether a bulk sale or piecemeal auction offers the best opportunity and highest recovery value.

Looking for help on a project? We know values because we're actively selling, every day, across multiple industries.

Contact us today at auctions@loebwinternitz.com or (877) 886-0440 and let us share our 250 years of combined knowledge & expertise with you!


Thursday, May 25, 2017

Assets from Harris Silver & Sons, Inc. Sold in Bulk

Loeb Winternitz Industrial Auctioneers Successfully Sells the Assets from an Illinois Scrap Processor to a Strategic Buyer

Loeb Winternitz Industrial Auctioneers announced they have facilitated the bulk sale of the assets located at Harris Silver & Sons, Inc. to Alter Trading Corporation, headquartered in St. Louis, MO. As a result the auction originally scheduled for Tuesday, May 16th was canceled.

“We are happy that we could provide added value in the bulk sale of the Harris Silver assets, stated Charles J. Winternitz, President of Loeb Winternitz Industrial Auctioneers. “With the scrap market improving, and the location of this yard, we felt there was an opportunity for a bulk sale to occur.”

Loeb Winternitz simultaneously worked with the Assignee for the Benefit of Creditors, its Attorney and the Secured Creditor to negotiate the bulk sale of the assets.

Located in Belvidere, Illinois, Harris Silver & Sons provided scrap processing of non-ferrous metal, paper, and plastic inventory since 1955, servicing the Northern Illinois and Southern Wisconsin regions.

About Loeb Winternitz
Loeb Winternitz Industrial Auctioneers, a subsidiary of Loeb, is a full service auction division specializing in Webcast and Online Only auction asset disposition services. Combining 250 years of family business values between Loeb and Winternitz Auctions, our knowledge extends across many different industries in which we currently sell, appraise and finance machinery and equipment. For more information, please visit: www.loebwinternitz.com

Thursday, February 23, 2017

Paramount Machining Solutions Sold as Ongoing Concern

Loeb Winternitz Industrial Auctioneers and Yellen Partners Successfully Sell Assets from a Michigan CNC Precision Prototype Facility to a Strategic Buyer


Loeb Winternitz Industrial Auctioneers and Yellen Partners announced this week that they have facilitated the sale of the assets of Paramount Machining Solutions as a complete operation, to Global Manufacturing Industries. As a result, any scheduled auctions have been cancelled.

“It took a number of months to secure this transaction, but we are all excited the sale finally closed. This transaction was a little more complicated as it involved the equipment, real estate, inventory, and receivables, but at the end of the day when a company such as Paramount becomes available, it’s great to complete a turn-key sale, especially when so many jobs could be saved,” stated Charles J. Winternitz, President of Loeb Winternitz Industrial Auctioneers.

Loeb Winternitz and Yellen Partners simultaneously worked with the Court appointed Receiver as seller, and GMI to negotiate the sale of the facility as a whole.

“All the professionals were great to work with on this transaction. From the Court appointed receiver, his attorney, the secured creditor, consultants, ownership, the buyer, and our sales teams, not to mention the patience of the Paramount customers,” said Brian Yellen, President of Yellen Partners. “Everyone’s efforts help to make this a successful acquisition.”

Located in Oak Park, MI, Paramount provided precision CNC machining & prototype services for over 66 years to the automotive, industrial and aftermarket industries. Global Manufacturing Industries will be continuing operations in the facility under the Paramount Precision Products branded name.


About Loeb Winternitz & Loeb



Loeb Winternitz Industrial Auctioneers, a subsidiary of Loeb, is a full service auction division specializing in Webcast and Online Only auction asset disposition services. Combining 250 years of family business values between Loeb and Winternitz Auctions, our knowledge extends across many different industries in which we currently sell, appraise and finance machinery and equipment. For more information, please visit: www.loebwinternitz.com



About Yellen Partners LLC



Yellen Partners, LLC is a specialized, hands-on provider of asset monetization solutions focused on the acquisition and disposition of retail and wholesale inventories, as well as healthcare and industrial machinery and equipment, for businesses seeking to continue operations or sell assets as a going concern. Core activities include sourcing, acquiring and monetizing distressed and other surplus assets through transaction strategies, including, but not limited to, retail store closings, orderly liquidations of wholesale inventories and specialty assets, as well as private treaty sales and on-site and on-line auctions. For more information, visit: www.yellenpartners.com.


Thursday, May 12, 2016

Assets of Balmoral Racing Club, Inc. and Maywood Park Sold Through Bankruptcy Sale

Loeb Winternitz & Yellen Partners Complete the Piecemeal Auction of Maywood Park While Balmoral Racing Club was Sold in Bulk

Loeb Winternitz Industrial Auctioneers and Yellen Partners announce the completion of the Maywood Park personal property auction, and the Court approval for the sale in its entirety of the Balmoral Racing Club real estate and personal property assets after a decision by the Bankruptcy Court, Northern District of IL.

Two last-minute bulk purchase offers were submitted directly to the Debtors during the Balmoral Park auction on Wednesday, April 27th. The piecemeal auction was adjourned upon conclusion pending a decision by the Court, which was handed down on Wednesday, May 4th.

The accepted offer was made by HITS, Inc., a special events management company focusing on producing hunter/jumper horse shows, and triathlon/running races throughout the United States, with the expressed interest in utilizing the facility for equestrian events.

"I'm proud of the efforts we put forth related to both Race Tracks," stated Charles J. Winternitz, president of Loeb Winternitz Industrial Auctioneers. "Almost 1,000 bidders participated in the auctions, and the piecemeal sale generated recovery values well above pre-auction estimates. The bulk sale of the Balmoral Racing Club assets got a little intense, but the result was worth it for the creditors, new job creation, and the town of Crete. We wish HITS, Inc. much success."

Working in partnership, Loeb Winternitz and Yellen Partners were able to fully prepare the sites and complete the auctions while simultaneously allowing the discussions among bulk bidders, the debtors, and the creditors to take place.

"We are proud to have participated in the sale of these venerable Chicago landmarks and especially happy to have helped reach such a good result for interested parties," said Brian Yellen, president of Yellen Partners.

Balmoral Park, located just south of Crete, Illinois, ceased live horse racing in December of 2015. Originally Lincoln Fields from 1926 to 1968 hosting thoroughbred racing, and subsequently, Balmoral Park hosting harness racing. Maywood Park, located in Melrose Park, also held its last races in Fall 2015 after nearly 70 years of operation. Both tracks filed chapter 11 bankruptcy after judgment was entered against the tracks in a suit brought by four riverboat casinos. During the course of the chapter 11 cases, the Illinois Racing Board awarded harness racing dates exclusively to Hawthorn Race Course, leaving Maywood and Balmoral with no licenses to race in 2016.

The bulk offers were only made on the Balmoral Park facility and do not include the assets of Maywood Park Trotting Association, which were sold via online auction on April 28th.

The auctions were held by order of the U.S. Bankruptcy Court, Northern District of IL, Eastern Division, Case Numbers: 14-45711 - Assets of Balmoral Park Racing Club, Inc. and 14-45718 - Assets of Maywood Park Trotting Association, Inc.


About Loeb Winternitz

Loeb Winternitz Industrial Auctioneers, a subsidiary of Loeb, is a full service auction division specializing in Webcast and Online Only auction asset disposition services. Combining 250 years of family business values between Loeb and Winternitz Auctions, our knowledge extends across many different industries in which we currently sell, appraise and finance machinery and equipment. For more information, please visit: www.loebwinternitz.com 

About Yellen Partners, LLC

Yellen Partners, LLC is a specialized, hands-on provider of asset monetization solutions focused on the acquisition and disposition of retail and wholesale inventories, as well as healthcare and industrial machinery and equipment, for businesses seeking to continue operations or sell assets as a going concern. Core activities include sourcing, acquiring and monetizing distressed and other surplus assets through transaction strategies, including, but not limited to, retail store closings, orderly liquidations of wholesale inventories and specialty assets, as well as private treaty sales and on-site and on-line auctions. For more information, visit: www.yellenpartners.com.

Wednesday, April 6, 2016

Asset from Balmoral Racing Club, Inc. and Maywood Park Trotting Association, Inc. to be Sold at Auction

Loeb Winternitz Industrial Auctioneers and Yellen Partners to Conduct a Two Day, Online Only Auction April 27 and April 28

Loeb Winternitz Industrial Auctioneers and Yellen Partners announced this week that they will be conducting a two day auction to liquidate the assets from Balmoral Racing Club, Inc. and Maywood Park Trotting Association, Inc. The auction will take place online April 27 and 28.

"We are honored to be retained to manage the sale of the personal property assets of these two famous racing venues," stated Charles J. Winternitz, president of Loeb Winternitz Industrial Auctioneers. "The auction includes all the ground maintenance equipment, vehicles, and many memorabilia items from throughout the decades. The partnership between Loeb Winternitz and Yellen Partners is the needed combination to recover the highest value for the assets."

Principals from both firms worked together previously to liquidate the former Sportsman's Park also known as Chicago Motor Speedway.

"We look forward to offering the public an opportunity to purchase a piece of history from these two parks, in addition to machinery and equipment at a quality value," said Brian Yellen, president of Yellen Partners.

Balmoral Park, located just south of Crete, Illinois, closed in December of 2015. Originally Lincoln Fields from 1926 to 1968 hosting thoroughbred racing, and subsequently, Balmoral Park hosting Harness Racing. Maywood Park, located in Melrose Park, also held its last races in late 2015 after nearly 70 years of operation. Both tracks were shuttered after judgment was passed against the owners in a suit brought by the casinos, after a decision by the Illinois Racing Board to award racing dates exclusively to Hawthorn Race Course, and subsequent bankruptcy.

The auctions are being held by order of the Honorable Donald R. Cassling, for the U.S. Bankruptcy Court, Northern District of IL, Eastern Division, Case Numbers: 14-45711 - Assets of Balmoral Park Racing Club, Inc. and 14-45718 - Assets of Maywood Park Trotting Association, Inc.

About Yellen Partners, LLC

Yellen Partners, LLC is a specialized, hands-on provider of asset monetization solutions focused on the acquisition and disposition of retail and wholesale inventories, as well as healthcare and industrial machinery and equipment, for businesses seeking to continue operations or sell assets as a going concern. Core activities include sourcing, acquiring and monetizing distressed and other surplus assets through transaction strategies, including, but not limited to, retail store closings, orderly liquidations of wholesale inventories and specialty assets, as well as private treaty sales and on-site and on-line auctions. For more information, visit: www.yellenpartners.com.

About Loeb Winternitz & Loeb

Loeb Winternitz Industrial Auctioneers, a subsidiary of Loeb, is a full service auction division specializing in Webcast and Online Only auction asset disposition services. Combining 250 years of family business values between Loeb and Winternitz Auctions, our knowledge extends across many different industries in which we currently sell, appraise and finance machinery and equipment. For more information, please visit: www.loebwinternitz.com 

Monday, April 4, 2016

Wild Pea Hummous Facility Closure Online Only Auction - Lots begin closing online 5/3

Most New in 2015-2013 - Incredible Cup Filling & Dip Manufacturing Equipment

For more information about this sale, visit: http://www.loebequipment.com/showauction.aspx?auctionID=92872

Featured Equipment:

  • Modern Packaging Model SL1X2S S/S Inline 2 Lane Cup Filler
  • Modern Packaging Model SR8DC Rotary Cup Filler
  • Auto Labe Model 110S Auto Front, Back, and Top Pressure Sensitive Labeler
  • Robot Coupe Model Blixer45 S/S Vertical Cutter, Mixer, Food Processor
  • Videojet Model 1220 Single Head Inkjet Printer


Equipment from the following OEMs:
  • Modern Packaging
  • Robot Coupe
  • Auto Labe
  • Graco
  • Manitowoc
  • Videojet
  • Crown

Download the Wild Pea Asset Photo Collage
Download the Wild Pea Prelim. Asset List

Inspections: Anytime by appointment, contact Andy Barriga at (773) 496-5721 to schedule an inspection

Online Bidding Through: ProxiBid.com

Friday, March 11, 2016

Boboli Bakery Facility Online Only Auction - Lots begin closing online 4/21

Auction of Bakery Processing & Packaging Equipment Surplus to the Ongoing Operations of Boboli

For more information about this sale, visit: http://www.loebequipment.com/showauction.aspx?auctionID=92900

Featured Equipment:

  • Spiral Mixers
  • Chillers
  • Choppers
  • Depositors
  • Dumpers
  • Freezers
  • Ovens
  • Proofers
  • Rounders
  • Sheeters
  • Stuffers
  • Wrappers

Download the Boboli Surplus Asset Photo Collage
Download the Boboli Surplus Prelim. Asset List

Inspections: Anytime by appointment, contact Howard Newman at (773) 451-3662 to schedule an inspection

Online Bidding Through: ProxiBid.com