Prime Equip Solutions
Situation
Houston-based Prime Equip Solutions needed to liquidate its broad range of equipment, including a fleet of aerial work platforms and a large inventory of earthmoving equipment.
Tiger’s Vision
The team made absolutely sure all options had been explored with respect to finding a potential turnkey, or going-concern buyer, before going to auction. After significant efforts, no buyer emerged, and the team moved forward with an intentional, four-month orderly process prior to a final auction for the individual assets, resulting in a higher net recovery for the client than in a straight auction scenario.
Outcome
Tiger assisted the lender and its consultant in determining cost-effective equipment repairs while managing all aspects of the five-month sale process, which included off-site assets in Florida and Georgia, as well as British Columbia and Alberta, Canada.
The net effect of this approach allowed Prime Equip to attain more than a 20% higher recovery (a seven-figure difference for the client) than would have been achieved by going directly to auction.