SAN ANTONIO, TX - Hilco auctioneers will manage the sale of Cardell Cabinetry machinery, general factory equipment and $20 million in raw and finished goods inventory on Dec. 9. The San Antonio based Cardell Cabinetry, Inc., closed its 900,000 sq.ft. plant Sept. 08, 2013, laying off 900 employees.
"The assets to be sold should generate significant interest given how well recognized Cardell has been in the industry over the years," said Steve Wolf, CEO of Hilco Industrial in a statement. "The Cardell brand has been considered one of the top quality manufacturers of fine cabinetry and woodworking based in the United States and known for innovative designs built on state of the art machinery and equipment."
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Founded in 1976 by Carlos De Llano, Cardell Cabinetry was acquired in 1977 by B.J. Tidwell, an entrepreneur from the Dallas-Fort Worth area. Cardell expanded its market from the state to the national level, creating two cabinet lines.
In 2010 H.I.G. Capital acquired a significant equity stake in the company. Cardell once manufactured 8,000 cabinets each day but recently produced fewer than 2,500 a day. Cardell Cabinetry employed more than 3,000 workers before the recession, which started in late 2007.
"There are significant assets for sale given the facility in Texas had over 900,000 square feet of manufacturing capacity," said Wolf. Finished product and raw materials will be available for bulk purchase in advance as well.