NORTHBROOK, ILL., Nov. 5, 2013 (GLOBE NEWSWIRE) -- Hilco Global today announced that two of its business units, Hilco Industrial (www.hilcoind.com) and Hilco Merchant Resources (www.hilcomerchantresources.com), have been hired to manage the disposition of all assets including machinery, equipment and finished goods inventory for the San Antonio based Cardell Cabinetry, Inc., following the company's recent decision to close the business on September 08, 2013.
"The assets to be sold should generate significant interest given how well recognized Cardell has been in the industry over the years," said Steve Wolf, CEO of Hilco Industrial. He said, "The Cardell brand has been considered one of the top quality manufacturers of fine cabinetry and woodworking based in the United States and known for innovative designs built on state of the art machinery and equipment."
To inquire about purchasing machinery in advance of the auction please visit www.hilcoind.com.
The liquidation auction events will take place during the week of December 09, 2013 and there will be over $20 million of inventory including finished goods and raw materials for sale. "There are significant assets for sale given the facility in Texas had over 900,000 square feet of manufacturing capacity," said Wolf. Finished product and raw materials will be available for bulk purchase in advance as well.
About Hilco Global: Headquartered in Northbrook, Illinois, Hilco Global is a privately-held, diversified financial firm whose principal competency is understanding and maximizing the value of business assets, including industrial inventory; machinery and equipment; real estate; retail; accounts receivable; intellectual property; and, going-concern enterprises. Through 500 professionals operating on five continents, Hilco Global and its business units help companies and their professional advisors assess asset value, maximize value of these assets through asset monetization solutions, and enhance value through advisory and consulting solutions. Hilco Industrial and Hilco Merchant Resources which specialize in machinery and equipment disposition and asset inventory disposition respectively and are business units of the holding company Hilco Global www.hilcoglobal.com.
About Cardell Cabinetry: In 1976, Carlos De Llano founded Cardell in San Antonio before B.J. Tidwell, an entrepreneur from the Dallas-Fort Worth area, bought the company one year later. Over the next decade, Cardell expanded its market from the state to the national level and created two cabinet lines. In 2010 H.I.G. Capital acquired a significant equity stake in the company. Cardell once manufactured 8,000 cabinets each day but recently produced fewer than 2,500 a day. The company also employed more than 3,000 workers before the recession, which started in late 2007. Cardell, located at 3215 N. Pan Am Expressway, previously.
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Source: Hilco Global