Fenix Parts Announces Acquisition of Butler Auto Sales and Parts, Inc.

Fenix Parts, Inc. FENX, a leading recycler and reseller of original equipment manufacturer ("OEM") automotive products, today announced the acquisition of Butler Auto Sales and Parts, Inc. ("Butler") in Forest City, North Carolina for $8.3 million in cash and 106,918 shares of Fenix common stock. The cash portion of the purchase price was financed through a combination of cash on hand and utilization of $2.2 million of the Company's credit facility. Butler is a full-service auto recycling facility servicing Charlotte and the surrounding markets and represents Fenix Parts' first location in North Carolina. For the 12 months ended July 31, 2015, Butler had revenues of approximately $9 million. Kent Robertson, CEO of Fenix Parts, said, "We are excited to announce the acquisition of Butler Auto Sales and Parts, Inc., which represents our second acquisition since our IPO in May. Founded 25 years ago, Butler specializes in acquiring and selling high-quality late model used automobile parts for both domestic and foreign models, which should help to diversify our overall inventory and provide our customers with greater product availability." Robertson continued, "Butler is a highly respected, full-service automobile recycler with an experienced leadership team. As our first location in North Carolina, Butler fits perfectly into our growing East Coast footprint by filling a key position between our Jacksonville, Florida and Northeastern U.S. locations. With the addition of Butler, we now have 15 strategically located facilities throughout the East Coast. We are delighted to welcome the Butler team to the Fenix Parts family."