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Hilco Industrial in Joint Venture to Sell Detroit’s Municipal Assets

September 10, 2014, 07:47 AM
Filed Under: Bankruptcy

Hilco Industrial announced that it has been awarded the contract to manage the sale of an extensive list of the City of Detroit’s (COD) surplus transportation, rolling stock and public utility maintenance vehicles.  As one of the nation’s leading experts at buying and selling industrial machinery and equipment, including marketing thousands of vehicles for municipalities across the entire nation, the Farmington Hills based firm along with their Michigan based joint venture partner, Miedema Asset Management, have been awarded the COD contract after a competitive bid process that was held over the last several months.  The COD awarded the final contract and signed by the Governor on September 2, 2014 pursuant to their official competitive bid process.  The Contract has a term of three years. 

Robert Levy, Managing Partner of Hilco Industrial said, “We are thrilled to be officially awarded this contract by the City of Detroit.  As a locally based firm with vast experience in marketing this particular asset class, we are in a unique position to help the COD market these excess transportation, utility and maintenance assets and get the maximum value for every vehicle we sell."  Recently, in 2013, Hilco Industrial successfully sold over 12,000 vehicles for Hostess during its bankruptcy and subsequent restructuring of that iconic brand.  Levy indicated that Hilco Industrial has already begun to leverage its expertise and its global network of buyers and sellers as it prepares for a similarly successful outcome in the City of Detroit’s bankruptcy.

Levy said, “We live in this community and have built our business in the Metropolitan Detroit area so we are both financially and frankly, emotionally, invested in helping the COD maximize its recovery in every way.”

Scott Miedema, COO of Miedema Asset Management said:   "With our combined 50+ years of experience in marketing and selling industrial equipment including rolling stock, we were well positioned to meet our objectives and maximize the value of the list of idle and excess transportation vehicles the city is no longer utilizing.  The fact that together Hilco Industrial and Miedema have such a strong track record of success in both the private and public sector assures our success on behalf of Detroit."

The firms will be marketing an extensive list of city transportation and rolling stock to interested buyers beginning this month. 

Hilco Industrial provides industrial asset disposition services, specializing in machinery, equipment and inventory auctions and negotiated sales. It sells the broad range of industrial assets found in manufacturing, wholesale and distribution companies. Hilco Industrial performs dispositions through on-site, online and combination "webcast" auction sale events as well as negotiated (private treaty) sales. Hilco Industrial has capital to put at risk and often acquires assets or provides guarantees. It also provides asset disposition services on a fee or commission basis. Hilco Industrial is part of Hilco Global, the world’s leading authority on helping companies maximize the value of their assets delivering a complete suite of asset valuation, monetization and advisory services.

Miedema Asset Management Group consists of seven valuation, consultation, and liquidation companies ( across North America.  These companies employ nearly 200 professionals specializing in all areas of Commercial, Construction, Industrial and Real Estate sales and auctions.  Miedema recently celebrated its 30th year in business and continues to grow and expand conducting hundreds of online and live auctions annually selling to bidders across the globe. 

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