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!

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

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.