Business
Heritage Global Partners, New Mill Capital, Keith Machinery, and Federal Equipment Company Acquire Two St. Louis Area Pharmaceutical Plants
Over 200,000 square feet of state-of-the-art and well-equipped solid dose pharmaceutical facilities in Bridgeton and St. Louis, Missouri. SAN
About this update from Heritage Global Inc.
[{"type":"text","content":"\nOver 200,000 square feet of state-of-the-art and well-equipped solid dose pharmaceutical facilities in Bridgeton and St. Louis, Missouri.\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 in partnership with New Mill Capital, Keith Machinery, and Federal Equipment Company, it has acquired two pharmaceutical plants in Missouri, formerly of Nesher Pharmaceuticals.\n\nThe first plant in Bridgeton, MO is a 124,000 SF, state-of-the-art pharmaceutical facility well-equipped with manufacturing and packaging suites, (2) laboratories, large warehouse space with Class 2 Vaults, and administrative offices. It is in the prime area of Earth City’s Industrial Park near the St. Louis airport and all major highways. Since 2012, the facility has passed multiple GMP/PAI compliance audits by FDA. It has the potential for superior long-term profitability combined with the benefit of short-term immediate availability and quick start up. This facility is being marketed as a turnkey opportunity.\n\nThe second plant in St. Louis, MO is a 99,000 SF, solid dose facility with manufacturing and packaging suites, warehouse space with a Class 2 Vault, and administrative offices. This 4.23-acre property is conveniently located 10 minutes from St. Louis Lambert International Airport and downtown St. Louis. The equipment assets from this location are slated for auction. Bidding in the timed, online auction will begin on April 26 and starts closing on April 27 at 9am CT.\n\n“We are thrilled to have partnered on acquiring these spectacular sites which were operated through Q4/2021 and have consistently been maintained by dedicated skilled professionals,” said Tom Murray, a Principal at New Mill Capital.\n\n“Both plants were designed to manufacture and package tablets, capsules, and powder for oral solution. This is a great opportunity to expand in the pharmaceutical space or if you have the need to create a corporate presence in Missouri,” said Adam Covitt, President of Federal Equipment Company.\n\nKevin Jampolis of Keith Machinery added, “We have had a great working relationship with Nesher over the years and are pleased to have worked with them to acquire these sites.”\n\n“We anticipate significant interes...