This manufacturer of electric radiant heating solutions for the glass ceramic appliance market, purchased and moved a German manufacturer of gas burners used in high end cooking appliances to Knoxville, TN. Soon after the move the company lost supply agreements with the majority of their key customers. The company was hoping to find a buyer that would be able to use the existing equipment and take over the lease of the facility.
The equipment installed at the facility was specific to the products currently being manufactured and there were significant cost and logistic involved to retrofit to be able to manufacture other products.
Equity Partners quickly identified 5 groups interested in purchasing the equipment and worked with the local economic development professionals to find a group that would take over the lease.
Within 7 weeks, Equity Partners conducted an auction that more than doubled the initial offers for the equipment and brokered a sublease agreement for the facility.