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Fenix Parts
Active
Fenix Parts is the second largest provider of recycled OEM automotive parts in the United States.
How We Partnered
Situation:
Fenix is the highest returning asset in Stellex’s Fund I. Stellex wanted to realize an attractive ~3x gross return for their exiting LPs and provide the company with additional growth capital to continue its acquisition strategy.
Structure:
Single-asset CV with 5 year term and dry powder to continue the M&A strategy.
Headquarters:
Hurst, TX
Stage:
Active
Business Model:
Value-add Distribution
Sponsor:
Stellex
Investment Date:
March 2024
Investment Thesis
Recession-resistant demand and the recurring nature of sales
Fragmented industry with ability to continue accretive M&A strategy
Largest independent automotive OEM part reseller in United States
Inventory benefit of regional and super-regional density
Strong GP alignment
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