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Heritage Global Inc. (NASDAQ: HGBL) has acquired two pharmaceutical plants in Missouri in partnership with New Mill Capital, Keith Machinery, and Federal Equipment Company. The Bridgeton plant spans 124,000 square feet and features advanced manufacturing and packaging facilities, having passed multiple FDA compliance audits since 2012. The St. Louis site, at 99,000 square feet, will auction its equipment. The acquisition aims to enhance market presence in the pharmaceutical sector and supports quick operational startup.
Positive
Acquisition of two strategically located pharmaceutical plants in Missouri enhances operational capabilities.
Bridgeton facility has passed multiple FDA compliance audits, indicating high-quality standards.
Immediate availability of facilities promises quick startup and potential for long-term profitability.
Negative
None.
Over 200,000 square feet of state-of-the-art and well-equipped solid dose pharmaceutical facilities in Bridgeton and St. Louis, Missouri.
SAN DIEGO--(BUSINESS WIRE)--
Heritage Global Partners (“HGP”), a worldwide leader in asset advisory and auction services, and a subsidiary of Heritage Global Inc. (NASDAQ: HGBL), today announced that in partnership with New Mill Capital, Keith Machinery, and Federal Equipment Company, it has acquired two pharmaceutical plants in Missouri, formerly of Nesher Pharmaceuticals.
The first plant in Bridgeton, MO is a 124,000 SF, state-of-the-art pharmaceutical facility well-equipped with manufacturing and packaging suites, (2) laboratories, large warehouse space with Class 2 Vaults, and administrative offices. It is in the prime area of Earth City’s Industrial Park near the St. Louis airport and all major highways. Since 2012, the facility has passed multiple GMP/PAI compliance audits by FDA. It has the potential for superior long-term profitability combined with the benefit of short-term immediate availability and quick start up. This facility is being marketed as a turnkey opportunity.
The second plant in St. Louis, MO is a 99,000 SF, solid dose facility with manufacturing and packaging suites, warehouse space with a Class 2 Vault, and administrative offices. This 4.23-acre property is conveniently located 10 minutes from St. Louis Lambert International Airport and downtown St. Louis. The equipment assets from this location are slated for auction. Bidding in the timed, online auction will begin on April 26 and starts closing on April 27 at 9am CT.
“We are thrilled to have partnered on acquiring these spectacular sites which were operated through Q4/2021 and have consistently been maintained by dedicated skilled professionals,” said Tom Murray, a Principal at New Mill Capital.
“Both plants were designed to manufacture and package tablets, capsules, and powder for oral solution. This is a great opportunity to expand in the pharmaceutical space or if you have the need to create a corporate presence in Missouri,” said Adam Covitt, President of Federal Equipment Company.
Kevin Jampolis of Keith Machinery added, “We have had a great working relationship with Nesher over the years and are pleased to have worked with them to acquire these sites.”
“We anticipate significant interest in the real property and equipment assets at both sites and are confident the next chapter of these sites will be a successful one,” concluded Nick Dove, President of HGP.
About Heritage Global Partners
Heritage Global Partners, Inc. is a subsidiary of Heritage Global Inc. (NASDAQ: HGBL) and one of the world’s largest industrial auction firms, providing asset valuation, acquisition and disposition services.
About Heritage Global Inc.
Heritage Global Inc. (NASDAQ: HGBL) is an asset services company specializing in financial and industrial asset transactions. The company provides a full suite of services including market making, acquisitions, dispositions, valuations and secured lending. Heritage Global focuses on identifying, valuing, acquiring and monetizing underlying tangible and intangible assets across twenty-eight global sectors. The company acts as an adviser, as well as a principal, acquiring or brokering turnkey manufacturing facilities, surplus industrial machinery and equipment, industrial inventories, accounts receivable portfolios, intellectual property, and entire business enterprises.
About New Mill Capital
New Mill Capital (www.newmillcapital.com) is a privately-held asset acquisition and disposition firm specializing in processing plant turnkey sales and disposition programs. New Mill is a national leader in the purchase and sale of idle manufacturing plants, equipment packages and has also repurposed over 20,000,000 square feet of manufacturing facilities.
About Keith Machinery
Keith Machinery Corp. (“KMC”) is widely recognized as a leading supplier of used and new equipment for the pharmaceutical, cosmetic, food, paint and ink, chemical, and related industries. Keith Machinery stocks over 100,000 square feet of warehoused equipment and employs engineers, machinists, and mechanics to offer technical support for most items (www.keithmachinery.com).
About Federal Equipment Company
Federal Equipment Company (www.fedequip.com) trusted name in used processing equipment, provides reliable used industrial and process equipment at competitive prices for pharmaceutical, packaging, chemical, plastics, food and beverage and similar processing industries. From its headquarters in Cleveland, Ohio, Federal Equipment Company delivers reliable machinery at a fraction of the cost and lead time of new equipment.
