Business
Heritage Global Partners Acquires American Laboratory Trading
Strengthens position in critical industrial sector through the acquisition of a leading reseller of lab equipment assets SAN DIEGO--(BUSINESS WIRE)--
About this update from Heritage Global Inc.
[{"type":"text","content":"\nStrengthens position in critical industrial sector through the acquisition of a leading reseller of lab equipment assets\n\n SAN DIEGO--(BUSINESS WIRE)--\nHeritage Global Partners (“HGP”), a worldwide leader in asset advisory and auction services, and a subsidiary of Heritage Global Inc. (Nasdaq: HGBL) today announced that it has, through an affiliate, acquired substantially all of the assets of American Laboratory Trading (“ALT”), one of the largest suppliers of premium refurbished lab equipment in North America and a key provider of surplus asset services for the life sciences. HGP also acquired the building and property at 12 Colton Road in East Lyme, Connecticut that ALT currently occupies. ALT’s headquarters and operations will remain in East Lyme under the continued leadership of Jayson Bernstein, President of ALT. The acquisition greatly enhances HGP’s position and reach in the biotech sector as well as its footprint in New England and the Boston biotech community.\n\nRoss Dove, CEO of Heritage Global Inc. said, “We remain committed to steadily growing our company and enhancing shareholder value. The acquisition of ALT further strengthens our service offering in the biotech and pharma sectors which have been our most important vertical on the industrial side of our business over the past decade. We believe this bolt-on acquisition positions us to be the dominant leader in these sectors for years to come and should have an immediate impact to our bottom line. We are pleased to welcome ALT and their talented team into the Heritage Global family of companies.”\n\nBased in East Lyme, Connecticut for over 20 years, ALT purchases, refurbishes, and resells biotech and pharmaceutical laboratory equipment and currently has over 6,000 instruments in stock. ALT is the preferred provider of refurbished lab equipment and surplus asset services for BIO, the largest advocacy organization serving the biotech industry, and also a value-added reseller (VAR) for Agilent Technologies, one of the largest manufacturers of life sciences equipment and supplies.\n\nNick Dove, President of Heritage Global Partners added, “ALT has been a leader in acquiring and reselling biotech assets for more than two decades and I am confident that their experience, capabilities, and client base will prove to be key growth factors for HGP. Over the last few ye...