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Loeb Winternitz, Yellen Facilitate Asset Sale for Paramount Machining

February 27, 2017, 07:15 AM
Filed Under: Machine Tools

Loeb Winternitz Industrial Auctioneers and Yellen Partners announced 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.

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