Gordon Brothers Sells Welded Construction Fleet
Late Model Pipelayers and Pipeline Support Equipment
Date July 3, 2019
Gordon Brothers, the global advisory, restructuring and investment firm, announced that it has successfully completed the sale of the assets of Welded Construction L.P. (“Welded Construction” or “the Company”), in partnership with Ritchie Bros. Auctioneers. The equipment fleet included a large selection of late model pipelayers, crawler tractors, trailers, pipe benders, service trucks and vehicles, and a wide range of pipeline support equipment.
For more than 50 years, Welded Construction delivered high-quality pipeline construction services across North America, building up a world-class fleet of pipelayers, support equipment, and general construction assets. On October 22, 2018, the Company filed for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware and commenced a sale process for its assets.
“We are proud of the results we were able to achieve for the Company, including the sale of over $50 million of pipelayers through both private treaty and auction sales” said Robert Himmel, Senior Managing Director of Gordon Brothers. “This was a complicated bankruptcy case requiring careful consideration of both remarketing strategies and market dynamics.”
“Gordon Brothers provided a comprehensive and unique solution to help us maximize values in our sale process,” said Frank Pometti, Managing Director of AlixPartners and Chief Restructuring Officer of Welded. “Their expertise in navigating the many challenges in a distressed situation, the strategic partnership with Ritchie Bros. and their ability to deliver a multi-channel sales strategy, was critical in helping us achieve our goals throughout the process.”
Zac Dalton, Director of Ritchie Bros. added, “We are thrilled with the results of the sale and another successful partnership with Gordon Brothers. The auction component of the sale held at the Ritchie Bros. Columbus, OH site was a tremendous success.”