By CRM staff
Toronto, Ontario – March 13, 2019 -- Fenix Parts, Goldy Metals, and Kenneth Gold announced the closing of a transaction pursuant to which Fenix sold its Canadian subsidiaries and their operations 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, a recycler and reseller of OEM automotive products operated by a group of auto industry veterans, retains its existing business in the United States.
“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,” said Fenix chief executive officer William Stevens.
Standard Auto Wreckers was founded by Ken Gold's uncle in the early 1960s. Ken took over the business in 1979 and then was joined by his son David Gold, who served as the president of the Automotive Recyclers Association in 2018. 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 will continue to lead the business.
“We are excited to have this opportunity to return to running a business that we love. We wish the Fenix organization success as well,” said Kenneth Gold, the chief executive officer of Goldy.