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Prime Equip fleet sold off

Friday, 2 Feb 2018 ( #858 ) - Houston, TX, United States
News Story
Prime Equip's Charles Cornett in happier times
Tiger Group, in cooperation with Liquidity Services, is now liquidating the assets of Prime Equip Solutions.

Prime Equip traces its roots to 2008 when an equipment dealership opened the facility on Rankin Road. The site was taken over by Noble Iron Inc. in 2012, helping to establish the major brand LiuGong in North America.

Following a buyout in September 2016, the company continued to grow, but, throughout 2017, faced stiff local competition and difficulty reaching utilisation targets with the wide range of assets in its fleet.

These conditions led to the decision to close the business in early 2018.

The liquidation includes late-model telescopic and articulated boom lifts, excavators, wheel loaders, single drum rollers, backhoes and track loaders.

According to Tiger Group, 93% of the assets being liquidated are 2012 or newer models, while 40% are 2016 or newer.  

"In addition to the discrete asset sales, Prime Equip still has equipment out with customers on rental agreements that run through January and February," says Tiger executive managing director Jeff Tanenbaum. "Those agreements may be available for assumption as an ongoing revenue source."
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