AeroThrust Corporation, the largest US provider of jet engine maintenance, repair and overhaul services, was sold for $5 million to a group led by Miami-based Air-Capital Group, LLC. AeroThrust owners had filed for bankruptcy late in 2009. The sale occurred in a bankruptcy auction conducted by Heritage Global Partners, Hilco Industrial, and Counsel RB Capital, LLC.

The auction, which was facilitated through technology provided by Hilco Industrial and Heritage, drew more than 500 prospective buyers. It was staged both on-site at the company’s 140,000 square foot Miami facility and, simultaneously, through an Internet webcast. Among the tangible assets included in the sale were equipment, tooling and parts inventory for maintaining the popular CFM56 jet engine as well as a number of remanufactured engines.

According to David Weiss, Vice President of Sales at Heritage Global Partners, “The sale of AeroThrust and all its tangible and intangible assets represented the first time a jet engine repair facility has been sold in bulk.”  Robert Levy, CEO of Hilco Industrial, said, “Our initial thoughts were that the assets would sell in individual lots, but it became clear early-on in the auction process that there was more value to be recovered in a bulk sale.”  Adam Reich, a principal with Counsel RB Capital, said, “The team responsible for planning and conduction this important auction was pleased it could assist the Trustee to maximize the value of the assets and the recovery to creditors.”