Heritage Global Partners, New Mill Capital, Keith Machinery and Federal Equipment Company acquire two pharmaceutical plants in the St. Louis area
SAN DIEGO–(BUSINESS WIRE)–Heritage Global Partners (“HGP”), a leading global provider of wealth advisory and auction services and a subsidiary of Heritage Global Inc. (NASDAQ: HGBL), announced today that in partnership with New Mill Capital, Keith Machinery and Federal Equipment Company has acquired two pharmaceutical plants in Missouri, formerly Nesher Pharmaceuticals.
The first facility in Bridgeton, MO is a 124,000 SF state-of-the-art pharmaceutical facility well-appointed with manufacturing and packaging suites, (2) laboratories, large storage areas with Class 2 vaults and administrative offices. It is located in the prime area of Earth City’s industrial park, close to St. Louis Airport and all major freeways. Since 2012, the facility has passed multiple GMP/PAI compliance audits by the FDA. It has the potential for superior long-term profitability combined with the advantage of short-term immediate availability and rapid commissioning. This property is being marketed as a turnkey opportunity.
The second facility, located in St. Louis, MO, is a 99,000 SF solid dose facility with manufacturing and packaging suites, storage space with a Class 2 vault, and administrative offices. This 10 acre property is conveniently located just 10 minutes from St. Louis Lambert International Airport and downtown St. Louis. The equipment assets of this location are to be auctioned off. Bid in timed online auction begins April 26th and closes April 27th at 9am CT.
“We are extremely pleased to partner in the acquisition of these spectacular sites which through Q4 2021 have been operated and consistently maintained by dedicated professionals,” said Tom Murray, Principal at New Mill Capital.
“Both lines have been designed for the manufacture and packaging of tablets, capsules and powder for oral solution. This is a great opportunity to expand in the pharmaceutical space or if you need to establish a corporate presence in Missouri,” said Adam Covitt, President of Federal Equipment Company.
Keith Machinery’s Kevin Jampolis added, “We have had a great working relationship with Nesher over the years and are delighted to have worked with them to acquire these sites.”
“We anticipate significant interest in the properties and facilities at both locations and are confident that the next chapter of these locations 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 is one of the world’s largest industrial auction firms providing asset valuation, acquisition and sale services.
About Heritage Global Inc.
Heritage Global Inc. (NASDAQ: HGBL) is a wealth services company specializing in financial and industrial wealth transactions. The company offers a full range of services including market making, acquisitions, divestitures, valuations and secured lending. Heritage Global focuses on identifying, evaluating, acquiring and monetizing underlying tangible and intangible assets across twenty-eight global sectors. Acting as both consultant and principal, the company acquires or brokers turnkey manufacturing plants, surplus industrial machinery and equipment, industrial inventory, receivables portfolios, intellectual property and entire companies.
About New Mill Capital
New mill capital (www.newmillcapital.com) is a privately held asset acquisition and disposal company specializing in the sale and disposal of turnkey processing facilities. New Mill is the nation’s leader in the buying and selling of disused manufacturing facilities, 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 to the pharmaceutical, cosmetic, food, paint & ink, chemical and related industries. Keith Machinery stocks over 100,000 square feet of stocked equipment and employs engineers, machinists and mechanics to provide technical support for most items (www.keithmachinery.com).
About Federal Equipment Company
Federal Equipment Company (www.fedequip.com), a trusted name in used processing equipment, provides reliable, competitively priced used industrial and process equipment for the pharmaceutical, packaging, chemical, plastics, food and beverage and similar processing industries. From its headquarters in Cleveland, Ohio, Federal Equipment Company delivers dependable equipment at a fraction of the cost and lead time of new equipment.