SAN DIEGO--(BUSINESS WIRE)--Heritage Global Partners (“HGP”), a subsidiary of Heritage Global Inc. (NASDAQ: HGBL), and a worldwide leader in asset advisory and auction services, in partnership with New Mill Capital, Federal Equipment Company and Keith Machinery Corp., announced today that it has acquired a state-of-the-art pharmaceutical plant in Fenton Missouri, formerly owned by Alkem Laboratories. The joint venture plans to find a pharmaceutical user-operator to continue operations at the site and take advantage of the plug and play nature of the offering.
The facility was designed to manufacture and package tablets, capsules, semi solids and liquids and is capable of manufacturing and packing 265 million compressed tablets/capsules per annum, 35 million units of semi solids per annum, and 1.3 million liquid units, with stated capacity operating on a single shift. The facility is located in a prime area in Fenton, MO conveniently located near STL airport and all major highways. The facility is well-equipped with manufacturing and packaging suites, analytical and micro laboratories, a large warehouse space with controlled substances vaults, and administrative offices.
"We're thrilled to announce the acquisition of this cutting-edge pharmaceutical plant. Teaming up with our synergistic JV partners, we're eager to re-market the facility, reinforcing our commitment to the pharma sector. This marks another exciting opportunity for Heritage Global Partners," commented Nick Dove, President of HGP.
Adam Covitt, President of Federal Equipment Company added, “This plant represents a fantastic opportunity for any pharmaceutical company looking to add immediate capacity and/or expand into the St. Louis market. The plant is exceptional, and I imagine it will command significant interest from the marketplace.”
Tom Murray, a Principal at New Mill Capital stated, “We are pleased to bring this site to market and leverage the success from the two St. Louis area pharma plants our JV sold on our previous project.”
“We have many customers interested in either certain parts of the plant or the entire operation and have high hopes for the future of the site,” concluded Kevin Jampolis of Keith Machinery Corp.
Interested parties can inquire immediately.
About Heritage Global Partners, Inc. (“HGP”)
HGP is a subsidiary of Heritage Global Inc. (NASDAQ: HGBL). HGP operates under the Industrial Assets business unit and is a full-service auction, liquidation and asset advisory firm which holds a prominent spot in the industrial sectors including Aerospace, Automotive, Aviation, Biotech, Broadcast & Postproduction, Chemical, Electronics Manufacturing, Energy, Food & Beverage, Heavy Construction, Metalworking, Oil & Gas, Pharmaceutical, Plastics, Printing, Real estate, Semiconductor, Solar, Textile & Woodworking, and others. HGP conducts 150-200 auction projects per year, globally.
About Heritage Global Inc. (“HG”)
Heritage Global Inc. (NASDAQ: HGBL) values and monetizes industrial & financial assets by providing acquisition, disposition, valuation, and lending services for surplus and distressed assets. This aids in facilitating the circular economy by diverting useful industrial assets from landfills and operating an ethical supply chain by overseeing post-sale account activity of financial assets. Specialties consist of acting as an adviser, in addition to acquiring or brokering turnkey manufacturing facilities, surplus industrial machinery and equipment, industrial inventories, real estate, and charged-off account receivable portfolios through its two business units: Industrial Assets and Financial Assets.
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.
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 Corp.
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 Corp. 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).
