A Joint Venture of New Mill Capital Holdings (www.newmillcapital.com) and Tiger Capital Group, (www.tigergroup.com), both based in New York, has acquired Printpack's flexible packaging, printing and tamper-evident label manufacturing facility in Fredericksburg. The transaction, which included all equipment in the plant, closed on Feb. 12 for an undisclosed price.
The 91,000 square-foot plant, which manufactured labels and tamper-evident banding for a variety of industries, was purchased turnkey with all equipment still in place. An auction of the plant's equipment is scheduled for early May 2016.
"We are excited about this purchase," said Eric Weiler, Principal of New Mill Capital Holdings. "The capability and quality of the manufacturing lines and support equipment available in Fredericksburg will make this auction sale a highly attractive event for potential buyers in the flexible packaging vertical. In addition to the equipment, the building has been very well maintained and the versatile layout can easily fit a variety of industrial uses going forward."
The plant is located at 3551 Lee Hill Drive in Fredericksburg and sits on approximately 8.8 acres. It is currently available for sale or lease through Virgil Nelson of Cushman & Wakefield—Thalhimer.
"This acquisition epitomizes the strategy of our joint venture, which is to purchase first-class industrial plants on a turnkey basis for the purpose of remarketing the assets," said Jeff Tanenbaum, President of Tiger Capital Group's Remarketing Services division. "We look forward to a successful auction sale and to working with the Fredericksburg community to put another user into the vacant space."
About New Mill Capital Holdings
New Mill Capital's forte is providing "comprehensive asset solutions for the industrial marketplace". Primary services include turnkey acquisitions of shuttered industrial plants, value-added equipment auctions & liquidation services as well as traditional sales transactions. NMC has acquired over 10,000,000 square feet of manufacturing facilities throughout the U.S. since 2011 and conducts auctions and/or liquidations for a variety of industries including food processing, packaging, cosmetic, metalworking, heavy construction, laboratory and textiles.
About Tiger Group
Tiger Capital Group provides asset valuation, advisory and disposition services to a broad range of retail, wholesale, and industrial clients. With over 40 years of experience and significant financial backing, Tiger offers a uniquely nimble combination of expertise, innovation and financial resources to drive results. Tiger's seasoned professionals help clients identify the underlying value of assets, monitor asset risk factors and, when needed, provide capital or convert assets to capital quickly and decisively. Tiger's collaborative, straight-forward approach is the foundation for its many long-term 'partner' relationships and decades of success. Tiger maintains offices in New York, Los Angeles, Boston, Chicago, Sydney and San Francisco. To learn more about Tiger, please visit www.TigerGroup.com
Source : prnewswire.com