HGP to Partner with Cloud Investment Partners to Conduct Auction of MD-80 Assets from iAero Thrust
Heritage Global Partners, a subsidiary of Heritage Global, has partnered with Cloud Investment Partners to auction surplus assets from iAero Thrust's MD-80 aircraft. This auction, set for March 9-10, 2021, includes airframes, JT8D-219 engines, and a variety of parts. iAero Thrust is shifting focus to CFM56 engines after discontinuing its JT8D-219 engine repair services. Craig Thompson from HGP and David Weiss from Cloud Investment Partners expressed optimism about a strong auction turnout and competitive pricing.
- Auction of surplus assets from iAero Thrust indicates effective asset management.
- Strategic pivot to focus on CFM56 engines may enhance operational efficiency.
- Discontinuation of JT8D-219 engine repair business could lead to potential revenue loss.
- Dependency on auction outcomes for monetizing surplus assets poses financial risks.
Heritage Global Partners (“HGP”), a worldwide leader in asset advisory and auction services, and a subsidiary of Heritage Global Inc. (Nasdaq: HGBL) today announced that in partnership with Cloud Investment Partners of Boynton Beach, Florida it will conduct an auction of assets from the MD-80 aircraft that are no longer required by iAero Thrust’s aircraft engine MRO. iAero Thrust has made the strategic decision to move on from the JT8D-219 engine repair business and focus on the CFM56 engine models.
The auction will open on March 9, 2021 and will close on March 10, 2021. The sale catalog is currently posted and includes MD-80 series airframes, JT8D-219 engines, JT8D-200 tooling, and a large Inventory of rotable and expendable parts, including LLPs and more. Additional information can be found and all bidders should pre-register for the auction through the HGP website.
Craig Thompson, Senior Vice President of HGP commented, “We are excited to partner with Cloud Investment Partners to auction iAero Thrust’s surplus equipment related to their JT8D-219 engine repair business. We look forward to a strong turnout and expect that this offering will command a great price in the marketplace.”
“We are very pleased to serve the new management team at iAero Thrust in monetizing their JT8D-219 engine assets as they have transitioned from this product to focus their efforts on CFM56 engine overhauls and trading,” said David Weiss of Cloud investment Partners.
About HGP
Heritage Global Partners, Inc. Is a subsidiary of Heritage Global Inc. (NASDAQ:HGBL) and one of the world’s largest industrial auction firms, providing asset valuation, acquisition and disposition services.
About Heritage Global Inc.
Heritage Global Inc. (NASDAQ: HGBL) is an asset services company specializing in financial and industrial asset transactions. The company provides a full suite of services including market making, acquisitions, dispositions, valuations and secured lending. Heritage Global focuses on identifying, valuing, acquiring and monetizing underlying tangible and intangible assets across twenty-eight global sectors. The company acts as an adviser, as well as a principal, acquiring or brokering turnkey manufacturing facilities, surplus industrial machinery and equipment, industrial inventories, accounts receivable portfolios, intellectual property, and entire business enterprises.
About Cloud Investment Partners
Located in Boynton Beach, FL., Cloud Investment Partners is a global diversified investment group. The executive group of partners bring extensive experience managing successful companies with special focus in the capital markets within the Aerospace industry. Cloud Investment Partners facilitates the acquisition of assets primarily in the Aerospace Industry that create positive cash flows and capital appreciation. For more information visit www.cloudinvestmentpartners.com .
About iAero Thrust (http://iaerothrust.com)
iAero Thrust is a leading engine MRO based in Miami, FL. Founded in 1946, we have a proven legacy of evolving to offer innovative and effective engine solutions for all customers under any economic condition. Over 9,000 engines have been serviced and iAero Thrust is continuously improving to exceed quality and reliability expectations. The company operated as AeroThrust Holdings until it was acquired by privately-held iAero Group in 2018, and renamed as iAero Thrust in 2019. iAero Thrust is an EASA /FAA certified Part 145 repair station.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210216005116/en/
FAQ
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