BB&T Capital Markets Serves as an Underwriter on Fenix Parts, Inc.’s Initial Public Offering
BB&T Capital Markets’ Automotive Aftermarket Group completed a transaction for a leading recycler and reseller of original equipment manufacturer (“OEM”) automotive products in the second quarter of 2015, in an equity offering worth $110,400,000.
The Company intends to use the net proceeds from this offering to acquire eight companies engaged in the recycling and resale of automotive products, repay existing indebtedness, and fund future acquisitions and general corporate purposes. Total gross proceeds includes the full exercise of the underwriters’ over-allotment option, through which they purchased an additional 1,800,000 shares.
About the Companies
Fenix Parts, Inc. is a leading recycler and reseller of original equipment manufacturer (“OEM”) automotive products. The Company was founded in January 2014 to combine its eight Founding Companies and create a network that offers sales, fulfillment, and distribution in key regional markets in the United States and Canada. Fenix Parts’ primary business is the recovery and resale of OEM parts, components, and systems reclaimed from damaged, totaled, or low value vehicles. The Company’s customers include collision repair shops, mechanical repair shops, auto dealerships, and individual retail customers.
BB&T Capital Markets is the leading investment bank to the automotive aftermarket. We provide unparalleled industry expertise and transaction execution throughout the entire aftermarket channel - from suppliers and distributors to retailers and professional installers - in every segment of the $300 billion industry.
About BB&T Capital Markets
BB&T Capital Markets offers an integrated platform of equity and debt underwriting, M&A advisory, corporate banking, and sales and trading. Headquartered in Richmond, VA, with offices throughout the US, we have specific expertise within 10 distinct industry verticals including Automotive Aftermarket; Commercial & Industrial; Education; Energy; Financial Services; Food & Agribusiness; Healthcare; Logistics & Transportation Services; Real Estate; and Retail & Consumer. Our commitment to industry expertise, combined with our resources as one of the nation's strongest financial institutions, strategically positions BB&T Capital Markets to build lasting relationships and contribute measurably to the long-term success of our clients.