NORTHBROOK, Unwell., Jan. 25, 2021 /PRNewswire/ — Hilco International, the world’s premier authority on asset valuation, monetization, and advisory options, introduced right now that it has facilitated the sale of considerably the entire belongings for Store-Vac to GreatStar in a multi-million greenback transaction that closed on December 24, 2020. The belongings acquired within the transaction embody Store-Vac’s mental property, actual property, equipment & gear, stock, and accounts receivable holdings.
Store-Vac is headquartered in Williamsport, Pennsylvania and is the model chief in moist/dry vacuum programs for shopper and business purposes. Hilco International was introduced in to offer advisory companies round work-in-process (“WIP”) conversion and stock gross sales and was subsequently engaged to run a course of to promote all of the belongings of Store-Vac.
Utilizing the breadth, depth, and expertise of your complete Hilco International platform, the Industrial Industrial workforce was capable of optimize Store-Vac’s operations, convert WIP stock, hold present gross sales channels open, and accumulate the accounts receivable portfolio. In parallel to consulting and serving to to handle Store-Vac’s enterprise, Hilco executed a profitable gross sales course of, finally discovering a purchaser to buy considerably all belongings.
Brent Bonham, Government Vice President Hilco Industrial Industrial mentioned, “The Store-Vac task demonstrates the power of the Hilco International platform to leverage its experience throughout our totally different working corporations to develop a singular resolution that creates worth for all stakeholders.” Bonham added, “The important thing to success of the Store-Vac engagement was that we have been engaged early within the course of earlier than operations ceased. Doing so allowed us to develop methods so as to add profit to the enterprise and stakeholders, corresponding to ending WIP stock and negotiating gross sales to present and future clients. In the long run, our expertise and technique have been profitable and introduced substantial restoration to the lender and sustained profit to the corporate buying the belongings.”
As a part of the acquisition, GreatStar will take possession of all Store-Vac’s firm belongings, hold open the Williamsport, PA, manufacturing unit, and protect present and a few beforehand eradicated jobs.
About Hilco International: Hilco International (www.hilcoglobal.com) is a privately held diversified monetary companies firm and the world’s preeminent authority on maximizing the worth of belongings for each wholesome and distressed corporations. Hilco International operates as a holding firm comprised of over twenty specialised enterprise models that work to assist corporations perceive the worth of their belongings after which monetize that worth. Hilco International has a 30-year observe file of appearing as an advisor, agent, investor and/or principal in any transaction. Hilco International works to ship the very best consequence by aligning pursuits with purchasers and offering them strategic perception, recommendation, and, in lots of situations, the capital required to finish the deal. Hilco International relies in Northbrook, Illinois and has 600 professionals working on 5 continents.
About Store-Vac: Headquartered in Williamsport, PA, Store-Vac is the model chief in moist/dry vacuum programs for shopper and business purposes. A pioneer within the heavy-duty vacuum system class and serving workshops, garages, factories and different demanding purposes since 1965, the model additionally provides equipment starting from moist and dry filters, alternative vacuum components and sawdust assortment programs. For extra data, go to www.shopvac.com.
About Hangzhou GreatStar Industrial Co., Ltd.: Established in 1993, GreatStar is the main producer of hand instruments in Asia, serving DIY, skilled and industrial markets worldwide. GreatStar additionally manufactures a full vary of specialty instruments for drywall, masonry, portray, tiling, plumbing and automotive purposes, in addition to energy instruments, software units and flashlights. GreatStar’s tradition of innovation, agency dedication to R&D and intensive buyer perception guarantee their main manufacturers and high-quality merchandise meet the precise wants of the shoppers and professionals they serve. For extra data, go to www.greatstartools.com.
Gary C. Epstein
Government Vice President – CMO
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Advertising and marketing Director
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SOURCE Hilco International