Illinois-based Hilco Global has announced that H19 Capital LLC, a joint venture with New York-based Colbeck Capital Management, acquired the assets of Indianapolis transportation and truck leasing company 19th Capital Group. The company says the multi-million-dollar transaction closed on May 1.
As part of the deal, H19 Capital acquired thousands of semi-trucks and trailers, all trucking service and support machinery and equipment, as well as all intellectual property and a substantial portfolio of accounts receivable that includes over 600 existing truck leases.
Additionally, Hilco says the acquisition includes taking over the lease of two truck yards and the 136,000-square-foot facility in Indianapolis with engine maintenance, detailing, body and paint shops and capacity to store over 1,700 trucks.
“The Hilco Valuation Services team was able to properly value the business so that we could develop an appropriate performance improvement and restructuring plan to continue to operate the company,” said Steve Tanzi, president of Hilco Performance Solutions.
Hilco says its team will operate the asset financing and fleet management company as it prepares the business for post-pandemic operations. 19th Capital provides asset financing for the North American transportation industry, including truck leasing, and fleet management services.
The company says it plans to continue operations in Indianapolis, which will save about 55 jobs that otherwise would have been eliminated by the end of the year.
Hilco says Tanzi will lead the Indianapolis operations as chief executive officer.