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martinfan
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Joined: 29 Jan 2018 Posts: 270
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Posted: Wed Mar 14, 2018 6:54 pm Post subject: You Want To Own Revell, Here Is Your Chance. |
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If you happen to have 10mil just laying around collection dust, you can be the new owner of Revell, all of the Hobbico assets go up for auction on March 26th.
Minimum Bid: A Bid must have a purchase price that includes a
combination of cash and the assumption of postpetition liabilities and cure
costs associated with the relevant Lot, and subject to any adjustments
typical of similar transactions, that, in the Sellers’ reasonable business
judgment (after consultation with the Consultation Parties), has a value
equal to or greater than the following, subject to the terms of these
Bidding Procedures:
(a) For substantially all of the Acquired Assets: $38 million;
(b) For the U.S. Assets Lot: $32 million;
(c) For the Hobby Business Lot: $22 million;
(d) For the Global Mass Market Lot: $16 million
(e) For the Global Revell Lot: $10 million
(f) For the Revell Germany Lot: $8 million
(g) For the Estes-Cox Lot: $6 million |
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tomcat65
Joined: 28 Jan 2018 Posts: 71 Location: Princeton, WV
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Posted: Wed Mar 14, 2018 10:30 pm Post subject: |
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Anybody got the winning lottery numbers... LOL...
But seriously, I do hope buyers are found. Revell/Hobbico situation is chump change compared to Toys-R-Us' situation right now... |
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martinfan
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Joined: 29 Jan 2018 Posts: 270
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Posted: Thu Mar 15, 2018 12:21 am Post subject: |
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Rumor has it there is one interested company that is already in the hobby, how interested or if they even have the money is beyond my pay grade.
Sucks to see TRUS going out like this, but it sounds like they are trying to find a buyer for the US and Canada stores. |
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james p
Joined: 16 Feb 2018 Posts: 211 Location: Lakeland FL via Cassopolis MI
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Posted: Thu Mar 15, 2018 2:58 am Post subject: |
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I sure hope someone buys the company, if they close their doors no more models. |
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Shadetree Modeler
Joined: 08 Mar 2018 Posts: 51
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Posted: Thu Mar 15, 2018 7:07 am Post subject: |
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Just saw it on the news this morning; Toys'R'Us is gone. ![Sad](images/smiles/icon_sad.gif) |
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DaveVan
Joined: 27 Jan 2018 Posts: 1578
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Posted: Thu Mar 15, 2018 8:19 am Post subject: |
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james p wrote: | I sure hope someone buys the company, if they close their doors no more models. |
Trying to sell the company whole is stage one of bankruptcy. If that fails the assets are sold off.So the molds are worth much more than scrap so someone could buy them. |
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Jim N
Joined: 29 Jan 2018 Posts: 650
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Posted: Thu Mar 15, 2018 12:27 pm Post subject: |
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In these situations, there are usually 3 categories:
1. The Crown Jewels
2. The Cream of the Crap
3. The Crap
Hobbico has Crown Jewels and these are likely drawing interest right now. The Cream of the Crap will draw interest only if the price is right. The Crap will likely not sell, or sell at such a low price, that is the point where the creditors usually get hosed. |
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DaveVan
Joined: 27 Jan 2018 Posts: 1578
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Posted: Thu Mar 15, 2018 12:32 pm Post subject: |
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Hobbico has lots of issues that come with it......Revell is in pretty good shape really. Some folks on MCM forum have dug deep into the info.... |
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sentsat71
Joined: 03 Feb 2018 Posts: 1237 Location: Fenton, IA
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Posted: Fri Mar 16, 2018 7:32 am Post subject: |
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Sure hope Revell can survive! They have done so much of the modeling industry, and not just cars..... _________________ Ed. K |
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scatpack
Joined: 14 Mar 2018 Posts: 49
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Posted: Sat Mar 17, 2018 5:32 am Post subject: |
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Well if anyone here has kids or may in the future, get them into building models. Otherwise there won't be any. |
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martinfan
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Joined: 29 Jan 2018 Posts: 270
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Posted: Sat Mar 24, 2018 12:59 am Post subject: |
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So the first bid was placed for Hobbico, Tower, Great Planes, and the R/C stuff, but not for Revell, the bidder is Horizon Hobby |
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tomcat65
Joined: 28 Jan 2018 Posts: 71 Location: Princeton, WV
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Posted: Sat Mar 24, 2018 10:43 pm Post subject: |
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Makes total sense that Horizon Hobby is not interested in Revell. They are all about the RC side of the hobby... When I saw Hobbico putting all it's divisions up for sale, I never saw anyone bidding on all of them. I do still believe that Revell & Revell of Germany will be bought...
Thomas |
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DaveVan
Joined: 27 Jan 2018 Posts: 1578
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Posted: Sun Mar 25, 2018 7:16 am Post subject: |
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Revell of Germany is independent and not for sale.
Horizon is the largest single manufacture and distributor of model trains too. So they are more diversified than R/C. |
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martinfan
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Joined: 29 Jan 2018 Posts: 270
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Posted: Sun Mar 25, 2018 11:45 pm Post subject: |
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Revell-Germany Reaffirms Continuity and Solidity of Overall Business Operations
Group Parent Company Hobbico, Inc. Files Petition for Chapter 11 Relief in United States and Pursues Sale;
Revell-Germany Confirms No Impact to Vendors, Suppliers and Customers Throughout Process.
BUNDE, Germany – January 11, 2018
Revell-Germany announced that its parent company, Hobbico, Inc. (“Hobbico”) filed a petition for relief under Chapter 11 of the United States Bankruptcy Code while it seeks an orderly finalization and implementation of its comprehensive restructuring plan. In conjunction, Hobbico also announced its plan to sell the company.
Because Hobbico’s bankruptcy filing was made in the United States and is strictly limited to the company’s U.S. operations, Revell-Germany is unaffected. Additionally, Revell-Germany suppliers, vendors and customers will not be impacted by the process.
“Our Revell-Germany operation is not filing for bankruptcy protection” said Louis Brownstone, President of Hobbico, Inc.
“It will continue to provide the same high-level of service to our customers. We are optimistic that the filing will better position the U.S. operations for future growth.”
“Most important for all of us at Revell-Germany, we continue to operate ‘business as usual’ moving forward,” said Stefan Krings, President of Revell-Germany.
“Looking ahead, our top priorities remain continuing to build our business with our high-valued vendors and suppliers, while simultaneously providing the same high-level of product support to our customers.”
Although Revell-Germany is not part of the filing in the United States and will continue to operate its business, the sale of Hobbico could have future implications for Revell-Germany. The decision by Hobbico to file for bankruptcy and pursue a sale of the company allows Hobbico the opportunity to reduce their debts, restructure their liabilities, attract new capital investment and position the overall company for future growth.
From January 31 to February 04, 2018, Revell will be present at the Nuremberg Toy Fair presenting its new products for 2018.
"We are convinced that we can continue the growth path of 2017 with our attractive range of novelties and welcome our international customers in Nuremberg," says Krings.
http://www.nw.de/lokal/kreis_herford/buende/22028763_Revell-Mutterkonzern-in-den-USA-stellt-Insolvenzantrag.html |
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martinfan
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Joined: 29 Jan 2018 Posts: 270
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Posted: Wed Apr 04, 2018 7:52 pm Post subject: |
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Horizon Hobby looks to be the new owner of Great Planes, Tower Hobbies, Traxx those Hobbico employees were all told to apply at Horizon Hobbies.
Estes was sold back to itself.
On the 10th, April, there is going to be a hearing for the sale of Revell lot and Revell AG lot/ Revell Global lot. |
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ismay
Joined: 04 Apr 2018 Posts: 1
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Posted: Wed Apr 04, 2018 11:21 pm Post subject: |
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hope Revell can survive |
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martinfan
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Joined: 29 Jan 2018 Posts: 270
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Posted: Thu Apr 12, 2018 3:07 pm Post subject: |
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The Revell lot( Revell/Revell AG) has been sold, and the Germans now own Revell, all of it.
"Blitz 18-313 GMBH, a German Limited Liability Company is new owners.
www.quantum-capital-partners.com/en.html
More info to follow. |
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sentsat71
Joined: 03 Feb 2018 Posts: 1237 Location: Fenton, IA
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Posted: Fri Apr 13, 2018 10:39 am Post subject: |
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Brings to mind the question.....is the US part of Revell staying in the US? _________________ Ed. K |
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martinfan
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Joined: 29 Jan 2018 Posts: 270
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Posted: Fri Apr 13, 2018 3:30 pm Post subject: |
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sentsat71 wrote: | Brings to mind the question.....is the US part of Revell staying in the US? |
As of 5 PM today Revell USA closes it's doors and they will not reopen on Monday.
No one really knows right this moment. |
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DaveVan
Joined: 27 Jan 2018 Posts: 1578
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Posted: Fri Apr 13, 2018 4:07 pm Post subject: |
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martinfan wrote: | sentsat71 wrote: | Brings to mind the question.....is the US part of Revell staying in the US? |
As of 5 PM today Revell USA closes it's doors and they will not reopen on Monday.
No one really knows right this moment. |
Confirmed by those that know. Sad day....I have friends there. |
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martinfan
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Joined: 29 Jan 2018 Posts: 270
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Posted: Fri Apr 13, 2018 6:59 pm Post subject: |
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DaveVan wrote: | martinfan wrote: | sentsat71 wrote: | Brings to mind the question.....is the US part of Revell staying in the US? |
As of 5 PM today Revell USA closes it's doors and they will not reopen on Monday.
No one really knows right this moment. |
Confirmed by those that know. Sad day....I have friends there. |
I would hope that was confirmed, it came from Ed
Yes, sad day for the people that lost their jobs today, I wish them all the best.
I reserve my personal opinion on Revell US closing for a later time. |
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sentsat71
Joined: 03 Feb 2018 Posts: 1237 Location: Fenton, IA
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Posted: Sat Apr 14, 2018 8:22 am Post subject: |
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That's good to hear!
Have always gotten replies from Ed, whenever I emailed Revell.... _________________ Ed. K |
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Len Woodruff
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Joined: 28 Jan 2018 Posts: 100 Location: Frisco, TX
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Posted: Sat Apr 14, 2018 8:28 am Post subject: |
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Thanks for keeping us updated on the Revell changes. |
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Dennis O Board Moderator
Joined: 28 Jan 2018 Posts: 880 Location: Louisville, Ky.
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Posted: Sat Apr 14, 2018 8:42 am Post subject: |
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I'm curious why they bought the place only to shut it down......they must have some sort of plan. _________________ Dennis
Artificial Intelligence is no match for Natural Stupidity....... |
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DaveVan
Joined: 27 Jan 2018 Posts: 1578
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Posted: Sat Apr 14, 2018 10:22 am Post subject: |
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Dennis O wrote: | I'm curious why they bought the place only to shut it down......they must have some sort of plan. |
They got $2 million worth of tooling for $50K...... ![Shocked](images/smiles/icon_eek.gif) |
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Tom M. Board Moderator
Joined: 01 Feb 2018 Posts: 602
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Posted: Sat Apr 14, 2018 12:07 pm Post subject: |
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DaveVan wrote: | Dennis O wrote: | I'm curious why they bought the place only to shut it down......they must have some sort of plan. |
They got $2 million worth of tooling for $50K...... ![Shocked](images/smiles/icon_eek.gif) |
$2million would barely ship the tooling back from China. I bet the scrap value is close to $2million at about a ton per full kit mold |
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Dennis O Board Moderator
Joined: 28 Jan 2018 Posts: 880 Location: Louisville, Ky.
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Posted: Sat Apr 14, 2018 1:28 pm Post subject: |
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Any chance Round 2 or some other would grab the molds to use as re-issue? _________________ Dennis
Artificial Intelligence is no match for Natural Stupidity....... |
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DaveVan
Joined: 27 Jan 2018 Posts: 1578
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Posted: Sat Apr 14, 2018 4:57 pm Post subject: |
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Dennis O wrote: | Any chance Round 2 or some other would grab the molds to use as re-issue? |
I doubt the new owner of Revell wants to help R2 unless they just plan or raiding Revell and dumping it. |
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DaveVan
Joined: 27 Jan 2018 Posts: 1578
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Posted: Sat Apr 14, 2018 5:00 pm Post subject: |
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Tom M. wrote: |
$2million would barely ship the tooling back from China. I bet the scrap value is close to $2million at about a ton per full kit mold |
Add the issue of Chinese lien on anything cut in China and you get a huge mess. again |
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Tom M. Board Moderator
Joined: 01 Feb 2018 Posts: 602
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Posted: Sat Apr 14, 2018 5:21 pm Post subject: |
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DaveVan wrote: | Dennis O wrote: | Any chance Round 2 or some other would grab the molds to use as re-issue? |
I doubt the new owner of Revell wants to help R2 unless they just plan or raiding Revell and dumping it. |
I don't know for a fact but I would be shocked if Round2's bid wasn't considerably more than $50K. I wonder why the bankruptcy receivers let Revell USA's assets go so cheap? |
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DaveVan
Joined: 27 Jan 2018 Posts: 1578
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Posted: Sat Apr 14, 2018 5:26 pm Post subject: |
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Did R2 bid??? I didn't see a bid from 'R2' but they could have bid under a different name.
Good to see you btw!!!! |
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Mack
Joined: 28 Jan 2018 Posts: 732 Location: deep south
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Posted: Sat Apr 14, 2018 6:17 pm Post subject: |
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So Dave, any ideas what this might do for future re releases? I had heard the old ASA Camaro might be in the works. Where does this leave plans like that? Hope you can help. _________________ life is hard, it's harder when you're stupid. John Wayne |
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Tom M. Board Moderator
Joined: 01 Feb 2018 Posts: 602
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Posted: Sat Apr 14, 2018 6:27 pm Post subject: |
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No inside info here but I would assume that since they sent everyone from Revell USA home and locked the doors that all plans and announcements are on hold now. They DO have some pressing needs to attend to, there is probably about 2 months of production either on the water needing to be received and warehoused as well as packed and awaiting shipment so the new owners will need to get up to speed on distribution pretty quickly. But beyond that they'll need to figure out their business plan. I just hope no more tooling gets vandalized while the contract manufacturers in China aren't producing, shipping, or being paid for anything. |
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DaveVan
Joined: 27 Jan 2018 Posts: 1578
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Posted: Sat Apr 14, 2018 6:57 pm Post subject: |
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What Tom said.....all I got from friends at Revell was 'new e-mail and phone is' I no longer work for Revell. So any other info.....who knows.... |
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martinfan
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Joined: 29 Jan 2018 Posts: 270
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Posted: Sat Apr 14, 2018 7:00 pm Post subject: |
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The following is all hearsay at this point, so please take it as that.
LHS, their rep said if you want anymore kits, get them now, everything is being liquidated and no more are coming.
But this is the same rep that no one bought Revell/AG, so......
Same LHS, owners son works for Hozion Hobbies as a sale manager I think is what the employee said,they have no plans for Tower Hobbies and it will be shut down, it made no money for Hobbico. |
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Mack
Joined: 28 Jan 2018 Posts: 732 Location: deep south
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Posted: Sat Apr 14, 2018 7:11 pm Post subject: |
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This ain't looking too good for the hobby. I might need to start picking Revell kits that interest me. Sad day. _________________ life is hard, it's harder when you're stupid. John Wayne |
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sentsat71
Joined: 03 Feb 2018 Posts: 1237 Location: Fenton, IA
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Posted: Sun Apr 15, 2018 8:05 am Post subject: |
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Sad time for the model car, etc. builders, etc...... _________________ Ed. K |
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martinfan
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Joined: 29 Jan 2018 Posts: 270
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Posted: Sun Apr 15, 2018 3:44 pm Post subject: |
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Mack wrote: | This ain't looking too good for the hobby. I might need to start picking Revell kits that interest me. Sad day. |
Regardless of what happens, this might be a good time, sellers are gonna jack up the prices of the kits , so dont wait to long. |
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R.J.
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Joined: 28 Jan 2018 Posts: 383
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Posted: Sun Apr 15, 2018 3:47 pm Post subject: |
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It would just be hard for me to think that all that tooling would just go to the wayside. Hopefully it would be sold off to other company's if they have an interest. |
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DaveVan
Joined: 27 Jan 2018 Posts: 1578
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Posted: Sun Apr 15, 2018 4:36 pm Post subject: |
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R.J. wrote: | It would just be hard for me to think that all that tooling would just go to the wayside. Hopefully it would be sold off to other company's if they have an interest. |
Paying only $50K I bet that many tons of high grade, some from thr 1960's, nickel steel is worth MUCH more as scrap. ![Sad](images/smiles/icon_sad.gif) |
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martinfan
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Joined: 29 Jan 2018 Posts: 270
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Posted: Sun Apr 15, 2018 6:36 pm Post subject: |
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DaveVan wrote: | R.J. wrote: | It would just be hard for me to think that all that tooling would just go to the wayside. Hopefully it would be sold off to other company's if they have an interest. |
Paying only $50K I bet that many tons of high grade, some from thr 1960's, nickel steel is worth MUCH more as scrap. ![Sad](images/smiles/icon_sad.gif) |
See, at first, I was thinking, it doesnt really make sense to buy a model kit company just to mine it, but if they can get a lot for the tooling then it would make sense, but, is it worth enough to be more than the 4.3 or 3.8 million they paid? |
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DaveVan
Joined: 27 Jan 2018 Posts: 1578
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Posted: Sun Apr 15, 2018 7:03 pm Post subject: |
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I'm not saying they will just dump it all. But I can see them thinking lots of the Renwal, Aurora, ITC, and other orphan tools they now own are worth more as scrap then sitting in a US warehouse costing money. Maybe some Tom Daniel stuff will be viewed as useless too. We have NO idea what they plan...... |
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martinfan
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Joined: 29 Jan 2018 Posts: 270
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Posted: Sun Apr 15, 2018 8:11 pm Post subject: |
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Right, we dont know what is gonna happen. |
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Dennis O Board Moderator
Joined: 28 Jan 2018 Posts: 880 Location: Louisville, Ky.
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Posted: Sun Apr 15, 2018 9:20 pm Post subject: |
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Scrap prices are way down (last I checked) but the looming Trump steel embargo may jack scrap prices way up to due to steel import tariffs. _________________ Dennis
Artificial Intelligence is no match for Natural Stupidity....... |
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DaveVan
Joined: 27 Jan 2018 Posts: 1578
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Posted: Sun Apr 15, 2018 9:35 pm Post subject: |
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High grade nickel is toward the upper end of scrap price.......compared to paying storage in a ILL warehouse it don't take much to offset storage cost. And shipping a bunch of 1 ton blocks to China or Europe that may never be used....see the logic. Again just thinking out loud. |
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Dennis O Board Moderator
Joined: 28 Jan 2018 Posts: 880 Location: Louisville, Ky.
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Posted: Mon Apr 16, 2018 12:28 pm Post subject: |
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I pulled this off a German website via translate. It was dated 4/18.
Quote: | Frets. In January Revell's parent company Hobbico (Illionois / USA) filed for bankruptcy. Through restructuring, the company, which is one of the world's largest manufacturers and suppliers of hobby products and models with remote controls, should be brought back into economically calmer waters. Underlying the changes was the so-called Chapter 11 under US law, which is comparable to an insolvency procedure in self-administration in Germany.
The Revell GmbH in Bünde is still a company of the Hobbico Group. In the course of the proceedings last week, a "sustainable solution for a change of ownership" emerged, as stated in a statement from the company: New sole shareholder of Revell GmbH becomes a company of the international investment group Quantum Capital Partners (QCP) in Munich "This does not affect the operating business in any way," it also explains.
The purchase also includes significant assets for the North American business, including name rights and the large-scale molding bank, which is important to plastic modeling. Revell is thus experiencing a strengthening as a result of the change of ownership, because it is associated with an expansion of the sales market and an even greater variety in the offer. The current management, headed by Stefan Krings, will in future manage the worldwide business, including North America, from Bünde.
"Revell is pleased to have a strong partner at its side, Quantum Capital Partners, which will help the company grow internationally. I would like to thank all trading and business partners for the confidence during the transition period in recent weeks, "commented Stefan Krings.
Steffen Görig, representative of QCP, adds: "Revell is a renowned and established company and has established itself as an internationally successful toy brand in an impressive manner. We will build on this strength and further develop the brand with its unique positioning as a model builder and toy manufacturer. We look forward to supporting Mr. Krings and his team on this journey and realizing Revell's full growth potential. "
Quantum Capital Partners is an international, rapidly growing investment company headquartered in Munich. QCP supports the companies as an active partner of the management with the aim to make them independent through the optimal strategy. Since its inception in 2008, QCP has acquired a variety of companies and businesses from world-class companies such as Robert Bosch, Airbus or Nestlé. |
_________________ Dennis
Artificial Intelligence is no match for Natural Stupidity....... |
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DaveVan
Joined: 27 Jan 2018 Posts: 1578
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Posted: Mon Apr 16, 2018 12:36 pm Post subject: |
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sounds good....but 4 /18???? he own a time machine? |
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Dennis O Board Moderator
Joined: 28 Jan 2018 Posts: 880 Location: Louisville, Ky.
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Posted: Mon Apr 16, 2018 12:54 pm Post subject: |
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I think it was for month/year...... _________________ Dennis
Artificial Intelligence is no match for Natural Stupidity....... |
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DaveVan
Joined: 27 Jan 2018 Posts: 1578
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Posted: Mon Apr 16, 2018 1:49 pm Post subject: |
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Dennis O wrote: | I think it was for month/year...... |
Maybe....dang Europeans.....(my wife is one..I know) |
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tomcat65
Joined: 28 Jan 2018 Posts: 71 Location: Princeton, WV
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Posted: Mon Apr 16, 2018 2:09 pm Post subject: |
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Here is the link to the page on the Kit Box site that has the press release as well. They have it being issued today (4/16/18 )... As for what the release said. I hope it means that Revell USA is just a temporary reorganization due to the new ownership. And the future is upward for the US operation... We shall see...
Thomas
https://thekitbox.wordpress.com/2018/04/16/revell-gmbh-looks-to-the-future/ |
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