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Hilco Global

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Hilco Global
TypeSubsidiary
Founded1987
FounderJeff Hecktman
Headquarters
Northbrook, Illinois
,
U.S.
Key people
Jeff Hecktman, Chairman & CEO
Services
ParentORIX Corporation USA
Divisions
Websitehilcoglobal.com

Hilco Global is an American multinational financial services holding company. It operates over twenty businesses on five continents and is headquartered in Northbrook, Illinois. The company has offices throughout the world and provides services to companies, their lenders and professional services advisers across a broad spectrum of business categories including retail, commercial, industrial and financial.[1] Hilco Global delivers services focused on maximizing the value of under-performing and excess retail, consumer products and industrial inventory, real estate, intellectual property, including consumer brands, patents, and accounts receivable. Hilco Global is also considered one of the largest distressed investment and advisory companies in the world.[2]

In 2025, a majority stake in Hilco Global was acquired by ORIX Corporation USA, a subsidiary of Japanese firm ORIX.[3] The company was restructured into two divisions.[4] Hilco Global Capital Solutions became the second division, focused on asset-based lending to assist companies with asset monetization.[5]

History

[edit]

The company was founded in 1987 by Jeff Hecktman as the Hilco Trading Company,[6] after restructuring his family's industrial supply business and selling off many of the under-performing assets.[7] The company was renamed Hilco Global in 2013, eliminating the use of the name Hilco Trading Company, as well as introducing a new logo and website for the company.[6]

In 2006, it was announced that Goldman Sachs Group and Cerberus Capital Management were in talks to purchase a significant stake in the company.[7] Hecktman sold part of the company to both investment firms to help finance other ventures, including private equity style buyouts of faded consumer brands.[2]

From 2019 until 2023, a 27% stake in Hilco Global was owned by the Caisse de dépôt et placement du Québec (CDPQ), a Canadian company which manages public pension and insurance funds.[8] In May 2019, Hilco subsidiary H19 Capital acquired the assets of 19th Capital Group, an Indianapolis transportation and truck leasing company.[9]

Hilco Merchant Resources / Hilco Consumer - Retail

[edit]

In 2000, Hilco Global founded a business division named Hilco Merchant Resources LLC, a subsidiary of the company that specializes in retail inventory valuation, retail store closings, retail inventory disposition, fixture, furniture, and equipment disposition, and asset protection.[10] Michael Keefe and Cory Lipoff, formerly of Gordon Brothers, joined HMR the same year with Keefe becoming the CEO.[11] In 2001, the division became known as one of the top five liquidation firms in the United States, having been involved in the $1.8 billion liquidation of Montgomery Ward following that company's bankruptcy.[12] Some of its most notable disposition and liquidation deals included work for Sears, Sears Canada, CompUSA, Sportmart, PharMor Rx, Coldwater Creek, Charming Charlie, and Target Canada.[13][14][15] In 2016, the division helped save Aéropostale from final liquidation, eventually allowing the retailer to restructure and reopen over 500 stores.[16] As Toys "R" Us stores closed in 2018, Hilco Merchant Resources oversaw the nearly $2 billion liquidation of their inventory and assets.[17] Hilco Merchant Resources also expanded its operations by opening an office in Australia, taking on retail inventory liquidations of stores that include Fletcher Jones,[18] Dubbo Everyday Living[19] and Dick Smith.[20]

ReStore for Retail, a Hilco Global company, introduced a mobile visual merchandising and operations software to aid the working of the frontline store associates and managers and update the in-store shopping experience.[21]

ReStore Capital

[edit]

In 2019, Hilco Global launched ReStore Capital which resolves shipping and stocking problems between vendors and retailers. ReStore Capital buys shipments from vendors and then consigns the goods to retailers.[22]

Hilco Real Estate

[edit]

Hilco Global founded its real estate business division in 2000 with the formation of Hilco Real Estate, LLC, to be a national provider of accelerated real estate disposition and advisory services.[23] It has acted as agent or principal for numerous real estate acquisitions and sales. It was co-founded by Mitchell Kahn who served as the company's CEO until 2008.[23] Kahn was replaced by Neil Aaronson as CEO and Gregory Apter was promoted to President of the company.[24] Hilco Real Estate was responsible for numerous large transactions in real estate including 1,200 leases for MCI Worldcom that the company either sold or renegotiated.[25] It also closed hundreds of Blockbuster stores following the company's 2010 bankruptcy as well as approximately 200 Borders following that company's 2011 bankruptcy.[26] Hilco Real Estate was also involved with the selling of over 165 unused properties owned by Hostess after that company filed for bankruptcy in 2013.[27]

Hilco Global expanded its real estate business in 2012 with the formation of Hilco Real Estate Finance LLC, a lending division of Hilco Real Estate.[28] Hilco Real Estate Finance operated as a private real estate mortgage lending company and in a year and a half had originated loans in approximately 20 states. Hilco Real Estate Finance was sold to the private equity firm Garrison Investment Group in 2014.[29]

In August 2023, WeWork hired Hilco Global and Hilco Real Estate as an adviser for restructuring advice to avoid a Chapter 11 bankruptcy filing and restructuring the company's debts out of court.[30]

Hilco Capital

[edit]
An HMV store in Wakefield closed as part of the group administration, prior to the purchase by Hilco Capital

In 2000, Hilco Global launched Hilco Capital in the United Kingdom to support retail restructuring and distressed investments.[31]

Blockbuster Store Closing, Ypsilanti Township, Michigan

Hilco Valuation Services

[edit]

In 2001 Hilco Global formed a business unit called Hilco Appraisal Services LLC, bundling all of the industrial, retail and real estate appraisal services of the holding company into a single unit. Later renamed Hilco Valuation Services, the company is based in the U.S. and has global offices in the U.K., Canada, Australia, Mexico, South American and Asia. One of this units most notable deals was completed in 2005 with the valuation of 29 locations of over 40 million square feet owned by Delphi Automotive.[32]

Hilco Receivables

[edit]

2001 was also the year Hilco Global expanded its holdings with the formation of Hilco Receivables LLC, a division that purchases bad debt and services accounts receivable.[33] By 2004, Hilco Receivables had acquired more than $2 billion in receivables and in 2006 it opened a 200-person collection center that operated under the name Apex Financial, LLC.[33] The company also provides receivable appraisals to lenders as well as financing to companies who acquire receivables portfolios. One of the most notable transactions involving Hilco Receivables was the purchase of $25 million in account receivables from National Envelope Corporation after its bankruptcy in 2013.[34][35]

Hilco Retail Consulting

[edit]

In 2004, Hilco Global acquired a retail strategic consulting practice from Arthur Andersen called Senn Delaney – SD Consulting. In 2013, the consulting practice was rebranded as Hilco Retail Consulting or HRC Advisory,[36] and in 2021, it was sold to Accenture with the team in North America joining Accenture's Retail Strategy group.[37]

A Linens 'n Things store notifying customers "Going out of Business"

Hilco Consumer Capital

[edit]

Hilco Brands was formed from the initial investment as an extension of Hilco Consumer Capital, another company held by Hilco Global. One of the first brands purchased was Halston, a notable fashion line that became popular in the 1970s. Additional brands purchased by Hilco include the Ram and Tommy Armour golf club lines, both companies that were previously based in Chicago,[2] as well as Le Tigre, Haute Hippie, Portico, Under the Canopy, Linens 'n Things, and Polaroid.[38] Hilco then sold the Polaroid brand and its related intellectual property in 2017 to the Smolokowski family, a Polish group of investors.[39] In 2017, Hilco Brands invested in the startup company StreetTrend LLC, a luxury sneaker producer.[40]

Hilco Streambank

[edit]

Hilco Streambank is an additional subsidiary added to the Hilco Global family in 2011. The company was formed to provide services for intellectual property brands such as Borders, Posh, Tots,[41] Linens N’ Things and Circuit City.[42] Hilco Streambank is also known for its IPv4 auction marketplace used for the purchase and sale of IPv4 assets.[43] In 2019, Hilco Streambank helped Johnson Publishing organize an auction for their Ebony and Jet magazine photograph archive after Johnson went bankrupt.[44] Hilco Streambank also managed the intellectual property sale for Charming Charlie in 2019 after they went bankrupt including their trademarks, domain names, customer data, and social media assets.[45] In 2020, Hilco Streambank managed the marketing and selling of all Earth Fare stores, leases, and intellectual property after they filed for bankruptcy.[46]

In 2023, IPv4.Global, a Hilco Global company and an IPv4 marketplace, brokered US$1 billion in IPv4 address sales.[47]

Hilco Industrial

[edit]

Hilco Global's Industrial unit, Hilco Industrial LLC, made national news in 2014 with its involvement in the disposition of excess municipal transportation assets for the City of Detroit following the city's bankruptcy,[48] the largest municipal bankruptcy filing in the history of the United States.[49] Prior to its involvement with the City of Detroit, Hilco Industrial played a role in the sale of Chrysler and GM plants in 2010.[50] In Australia, Hilco Industrial liquidated the last remaining automotive manufacturing plant on the continent, Toyota Altona.[51]

Hilco Redevelopment Partners

[edit]

In 2012, Hilco Redevelopment Partners (HRP) bought the Sparrows Point Steel Mill in Maryland to demolish and rebuild as a warehouse distribution hub, renamed Tradepoint Atlantic. The deal has operated in partnership with Baltimore-based investment firm Redwood Capital Partners.[52][8] In 2017, HRP bought the Crawford Generating Station in Little Village, Chicago, to transform the space into an updated distribution center called Exchange 55.[53][54] After the Philadelphia Energy Solutions refinery burned down and went bankrupt in 2019, HRP bought the plant for $225.5 million.[8] Hilco will carry out the dismantling of the plant and an extensive remediation effort before beginning projects on the site.[55]

In October 2020, Hilco was hired by Shop Vac Corp. for liquidation services.[56]

In 2023, HRP began the construction of the first phase of The Bellwether District's South Philadelphia site to convert the industrial site into an e-commerce and logistics campus.[57]

In August 2023, WeWork Inc. partnered with Hilco for real estate restructuring with hundreds of landlords.[58]

In 2024, Hilco worked with Pitney Bowes Global to acquire its struggling e-commerce business.[59] The company oversaw a Chapter 11 bankruptcy and liquidation of their e-commerce segment and assets.[60]

Acquisition by Orix and restructuring

[edit]

In July 2025, Hilco Global announced that ORIX Corporation USA would be buying a 70% equity stake, at a valuation near US$1 billion.[61] Hilco Global became a subsidiary of Orix USA with a new structure focused on professional services and asset management, including new funding commitments from Orix.[4][61]

References

[edit]
  1. ↑ Barreto, Sergio (3 September 2025). "ORIX USA acquires majority stake in Hilco Global". Alternatives Watch. Retrieved 28 July 2026.
  2. 1 2 3 Strahler, Steven R. (17 September 2007). "Hilco CEO puts on glitz". Crain's Chicago Business. Retrieved 19 November 2014.
  3. ↑ "ORIX USA acquires majority stake in Hilco Global | Work". Torys LLP. Retrieved 17 May 2026.
  4. 1 2 "Hilco Global Unveils Operating Structure Following Majority Stake from ORIX - ABF Journal". 3 September 2025. Retrieved 17 May 2026.
  5. ↑ Wilson, Brianna (3 September 2025). "Hilco Global Unveils Operating Structure Following Majority Stake from ORIX". ABF Journal. Retrieved 28 July 2026.
  6. 1 2 "Hilco Global Unveiled as New Name for Hilco Trading". ABF Journal. 2 July 2013. Retrieved 13 January 2015.
  7. 1 2 Strahler, Steven (11 September 2006). "Wall Street firms eye Hilco Trading". Investment News. Retrieved 19 November 2014.
  8. 1 2 3 Maykuth, Andrew (15 March 2024). "A Chicago company has finalized its purchase of the bankrupt Philly refinery". The Philadelphia Inquirer. Retrieved 30 September 2020.
  9. ↑ Mary Willkom. "Hilco Global Acquires Indy Truck Leasing Company". Inside Indiana Business. Retrieved 30 September 2020.
  10. ↑ "Hilco Launches Wholesale Inventory Disposition Business - Article | ABL Advisor". www.abladvisor.com. Retrieved 17 May 2026.
  11. ↑ Baeb, Eddie (20 January 2001). "Science and art of the closeout". Crain's Business Chicago. Retrieved 16 December 2014.
  12. ↑ Baeb, Eddie (22 January 2001). "Science and art of the closeout". Crain's Chicago Business. Retrieved 19 November 2014.
  13. ↑ "Copeland family selling, Sports Authority / Hilco stalking horse bidder". S News net. 3 November 2006. Retrieved 24 November 2014.
  14. ↑ Brohan, Mark (15 July 2013). "Hilco puts two iconic e-commerce brands up for bid". Internet Retailer. Retrieved 24 November 2014.
  15. ↑ Bathon, Michael (6 May 2014). "Coldwater Creek Liquidation Auction Won by Hilco, Gordon". Bloomberg. Retrieved 19 November 2014.
  16. ↑ Wilson, Marianne (11 January 2017). "Teen apparel retailer reopens 500-plus stores". Chain Store Age. Archived from the original on 12 February 2018. Retrieved 10 February 2018.
  17. ↑ Alby Gallun. "Retail bankruptcies mean big business for this company". Crain's Chicago Business. Retrieved 30 September 2020.
  18. ↑ Butler, Ben (27 January 2012). "Fletcher Jones stock to be liquidated". The Sydney Morning Herald. Retrieved 19 November 2014.
  19. ↑ "Staff hit by store closure". The Daily Liberal. 12 March 2012. Retrieved 19 November 2014.
  20. ↑ Tucker, Harry (26 February 2016). "DICK SMITH IS GONE -- 3000 staff lose jobs -- stock sell-off today". Business Insider. Archived from the original on 26 February 2016.
  21. ↑ "ReStore for Retail Gives Collaborative Power to Store Associates, Managers". WWD. 13 September 2023.
  22. ↑ Evan Clark. "Restore Capital Steps In With Financing Fixes". WWD. Retrieved 30 September 2020.
  23. 1 2 Schroedter, Andrew (12 December 2008). "Co-founder leaves Hilco Real Estate". Chicago Real Estate Daily. Retrieved 19 November 2014.
  24. ↑ Schroedter, Andrew (12 December 2008). "Co-founder leaves Hilco Real Estate". Chicago Real Estate Daily. Retrieved 16 December 2014.
  25. ↑ Muto, Sheila (16 July 2003). "How Hilco Helps MCI Unload Its Properties". The Wall Street Journal. Retrieved 19 November 2014.
  26. ↑ Spector, Mike (5 April 2011). "Blockbuster Auction Draws Liquidators". The Wall Street Journal. Retrieved 19 November 2014.
  27. ↑ "Judge OKs Hilco to sell Hostess' real estate, other assets". Chicago Real Estate Daily. 8 January 2013. Retrieved 19 November 2014.
  28. ↑ Matthews, David Lee (8 October 2013). "Targeting small investors for big profits". Chicago Real Estate Daily. Retrieved 13 January 2015.
  29. ↑ Lane, Ben (29 October 2014). "Hilco Real Estate Finance sold, rebrands as Jordan Capital Finance". Housing Wire. Retrieved 19 November 2014.
  30. ↑ "WeWork tapping advisers for restructuring help". Reuters. 23 August 2023.
  31. ↑ Neal, Dave (17 October 2013). "Music store HMV breaks ground with MP3 download store". The Inquirer. Archived from the original on 18 October 2013. Retrieved 24 November 2014.
  32. ↑ "Hilco Global Opens New Valuation Services Office in Sydney". ABL Advisor. 18 September 2014. Retrieved 20 November 2014.
  33. 1 2 "Debt Purchaser Hilco Receivables Opens 200-Person Collection Call Center". Inside Arm. 12 September 2006. Retrieved 19 November 2014.
  34. ↑ Santo, Jamie. "Bankrupt National Envelope Brings In $65M With 3-Way Sale". Law 360. Retrieved 19 November 2014.
  35. ↑ Bathon, Michael (11 September 2013). "NE Opco Wins Approval to Sell Assets for $70 Million". Bloomberg. Retrieved 19 November 2014.
  36. ↑ Wilson, Marianne (29 September 2014). "Survey: Retailers not using consumer data to boost omnichannel shopping efforts". Chain Store Data. Retrieved 20 November 2014.
  37. ↑ Miller, Ben (28 July 2021). "Chicago-area retail consultancy HRC Retail Advisory acquired by Accenture". Chicago Business Journal.
  38. ↑ Timberlake, Cotten (6 February 2009). "Linens 'N Things Marks Bought by Hilco, Gordon". Bloomberg Businessweek. Archived from the original on 3 February 2013. Retrieved 19 November 2014.
  39. ↑ Allison Johnson. "Polaroid sold to new owner". Digital Photography Review. Retrieved 30 September 2020.
  40. ↑ "Former Stuart Weitzman CEO back in business". World Footwear. Retrieved 30 September 2020.
  41. ↑ Gilligan, Gregory J. (2 July 2014). "Firm hired to sell PoshTots business". Times Dispatch. Retrieved 20 November 2014.
  42. ↑ Hallman, Randy (13 July 2013). "Circuit City name is for sale, again". News Advance. Retrieved 20 November 2014.
  43. ↑ "IPv4 Global - Experienced IP Brokers". IPv4 Global.
  44. ↑ N'dea Yancey-Bragg. "Historic Ebony and Jet photo auction to continue Wednesday after 'truly remarkable' participation". USA Today. Retrieved 1 October 2020.
  45. ↑ Olivia Pulsinelli. "Charming Charlie founder bids to buy brand, IP assets out of bankruptcy". Houston Business Journal. Retrieved 1 October 2020.
  46. ↑ Marianne Wilson. "Earth Fare stores, leases, intellectual property — even recipes — for sale". Chain Store Age. Retrieved 1 October 2020.
  47. ↑ "IPv4.Global Hits $1 Billion Milestone for IPv4 Sales". PR Newswire. 7 August 2023.
  48. ↑ Martinez, Shandra (12 September 2014). "Grand Rapids auction company to help sell of Detroit's surplus transportation fleet". MLive. Retrieved 19 November 2014.
  49. ↑ Guillen, Joe; Bomey, Nathan (16 July 2014). "Detroit's Future? More cops, firefighters, but fewer people". USA Today. Retrieved 19 November 2014.
  50. ↑ Shea, Bill (29 October 2014). "Double-decker trolley car, trucks, buses part of massive Detroit equipment auction". Crain's Detroit Business. Retrieved 19 November 2014.
  51. ↑ Alan Harman. "Machinery Auction Set as Toyota Australia Nears End of Car Production". Wards Auto. Retrieved 1 October 2020.
  52. ↑ Wood, Pamela (18 September 2014). "Sparrows Point owner, government reach cleanup agreement". The Baltimore Sun. Retrieved 19 November 2014.
  53. ↑ Will Wade. "Turning a Dead Coal Plant Into a Hip Waterfront Experience". Bloomberg. Retrieved 1 October 2020.
  54. ↑ "Site of Little Village power plant to be transformed by minority-run business". Negocios Now. Retrieved 1 October 2020.
  55. ↑ Saul, Josh (30 September 2021). "How to Tear Down an Oil Refinery in the Middle of Philadelphia". Bloomberg. Retrieved 30 September 2021.
  56. ↑ Maykuth, Andrew (9 November 2020). "Shop Vac abruptly went out of business in September and 437 Pa. employees are still looking for answers". The Philadelphia Inquirer. Retrieved 28 July 2026.
  57. ↑ D'Onofrio, Mike (13 January 2023). "First phase of South Philly's new Bellwether District to soon begin". Axios.
  58. ↑ Basu, Reshmi (23 August 2023). "WeWork Taps Restructuring Advisers in Effort to Stave Off Bankruptcy". Bloomberg.com. Archived from the original on 7 February 2024. Retrieved 28 July 2026.
  59. ↑ Garland, Max (17 September 2024). "Pitney Bowes Global Ecommerce laying off more than 1,200". Supply Chain Dive. Retrieved 28 July 2026.
  60. ↑ Church, Steven (9 August 2024). "Pitney Bowes to Liquidate E-commerce Unit in Bankruptcy". Bloomberg. Retrieved 28 July 2026.
  61. 1 2 Klein, Jodi Xu (3 July 2025). "Exclusive | Hilco Global to Sell Majority Stake, Launch Direct Lending Unit". Wall Street Journal. ISSN 0099-9660. Retrieved 17 May 2026.
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