Hess Industries Sale Approved

November 14, 2012 – In The News
Daily Deal
Bankrupt Hess Industries Inc., once a portfolio company of New York private equity firm Monomoy Capital Holdings II Inc., has a new owner after selling its assets to Zhejiang Jingu Co. Ltd. for more than $19.19 million. Hess Industries engineered, fabricated and installed custom metal-forming equipment and integrated manufacturing systems for the automotive, heating, ventilation and air conditioning, and electrical home appliance industries.

Through the sale agreement, Zhejiang Jingu and its U.S. subsidiary, Pacific Wheel Inc., purchased substantially all of the assets, including truck lines, tooling, inventory, equipment, contracts and leased property and others.

Accoring to Giuliano's counsel, Joshua T. Klein of Fox Rothschild LLP, there were no competing bids for the debtor's asset so the auction was not held.