SAN DIEGO--(BUSINESS WIRE)--Heritage Global Inc. (OTCQB: HGBL, CSE: HGP) (“Heritage Global,” “HGI” or “the Company”), a leader in distressed and surplus corporate and financial asset valuations and transactions, today announced that Marc Swirsky has been appointed to serve in a dual leadership capacity for two Company divisions. Mr. Swirsky will serve as Managing Director of Heritage Global Capital (“HGC”), HGI’s term lending services division and will also serve as Director of Heritage Global Valuations ("HGV"), the Company’s world-class valuation and appraisal division.
Heritage Global Capital complements and expands HGI’s traditional valuation, advisory, and auction capabilities by leveraging HGV's asset valuation expertise to deliver financing to clients secured by equipment and real estate. HGC provides lower to upper middle-market businesses with loans and leases ranging in transaction size from $1.0 million to $30.0 million in both asset refinancing and new placements. HGC works with asset-based lenders, factoring groups, mezzanine lenders and investment banks to assist in delivering financial solutions for clients seeking additional liquidity. In his role as Managing Director of HGC, Marc will be responsible for overseeing the division’s operations including developing and growing its customer base, implementing and executing its sales and marketing strategies, and assisting in the implementation of Heritage’s fixed asset financing strategies, products and services— including equipment lending and real estate transactions.
Heritage Global Valuations is a recognized leader in asset valuation and advisory services. Its customers include lenders, lessors, private equity groups, investment banks, accountants, tax professionals, business owners and others who have the need for straightforward, real world valuations. In his role as Director of HGV, Marc will be responsible for managing the division’s key existing client relationships as well as developing new relationships with clients and lenders in the western region.
Mr. Swirsky brings nearly 30 years of experience in the used industrial equipment valuation / disposition sector and had served in executive roles at several nationally recognized auction and valuation firms. He is a highly regarded specialist in the auction and appraisal industry and has extensive expertise managing hundreds of complete industrial liquidations and valuations.
In addition, throughout his career he has built strong customer relationships and worked closely with leading asset-based lenders to complete thousands of valuations representing billions of dollars in net recovery value across a broad spectrum of industries. Mr. Swirsky has served on the boards of directors of both the Machinery Dealers National Association (MDNA) and the Association of Machinery & Equipment Appraisers (AMEA).
Commenting on the appointment, Ross Dove, Heritage Global Chief Executive Officer stated, "Marc Swirsky is a proven leader that has an impressive industry background and extensive executive experience in liquidation, valuation and asset-based lending. Throughout his career he has demonstrated a results-oriented and entrepreneurial approach and we are confident that his valuable management and relationship building expertise will expand our service offerings among a broader client base, while supporting our long-term strategy to further grow our value-driven corporate and financial asset solutions platform."
Mr. Swirsky will be based out of Heritage Global's Los Angeles area office.
About Heritage Global Inc. (www.heritageglobalinc.com)
Heritage Global Inc. (OTCQB: HGBL, CSE: HGP) is a value-driven, innovative leader in corporate and financial asset liquidation transactions, valuations and advisory services. Heritage Global focuses on identifying, valuing, acquiring and monetizing underlying tangible and intangible assets in twenty-eight global manufacturing and technology sectors. Heritage Global specializes both in acting as an adviser, as well as acquiring or brokering turnkey manufacturing facilities, surplus industrial machinery and equipment, industrial inventories, accounts receivable portfolios, related intellectual property, and entire business enterprises.
Forward-Looking Statements
The statements made in this release that are not historical facts contain forward-looking information that involves risks and uncertainties. All statements, other than statements of historical facts, which address the Company's expectations, should be considered as forward-looking statements. Such statements are based on knowledge of the environment in which the Company currently operates, but because of the factors listed herein, as well as other factors beyond the Company's control, actual results may differ materially from the expectations expressed in the forward-looking statements. Important factors that may cause actual results to differ from anticipated results include, but are not limited to, obtaining necessary approvals and other risks detailed from time to time in the Company's securities and other regulatory filings.
