SAN DIEGO--(BUSINESS WIRE)--
Heritage Global Partners (“HGP” or “the Company”), a worldwide leader in asset advisory and auction services and a subsidiary of Heritage Global Inc. (OTCQB: HGBL and CSE: HGP), today announced it has entered into a strategic partnership with Napier Park Global Capital (“Napier Park”), to pursue acquisition opportunities for industrial machinery, equipment, real estate and turnkey manufacturing facilities from U.S. and multinational corporations.
The partnership seeks to deploy capital for large scale acquisitions of idle machinery, real estate and complete manufacturing plants made available through mergers and acquisitions, corporate consolidations, plant closures and bankruptcies, while simultaneously providing liquidity and other creative financial solutions for lenders, trustees and corporations of all sizes who are looking to monetize their industrial and real estate property assets in an accelerated fashion.
“Heritage Global remains committed to further expanding our platform of diversified global asset solutions to create new value for our corporate clients, customers, partners and shareholders,” stated Ross Dove, Chief Executive Officer of Heritage Global Inc. “Our partnership with Napier Park represents another strategically and financially compelling growth opportunity for the Company as it delivers the potential for enhanced revenue and market share, all with a limited impact to our leverage. Importantly, the investments executed under this partnership will enable Heritage Global to further build enterprise value over the long-term as we continue aggressively pursuing the next phase of growth for the Company in 2019 and beyond.”
“Our strategic partnership with Napier Park will provide HGP with the financial flexibility we need to deliver scalable asset monetization solutions to our clients, while supporting the future growth and success of our business division,” added Nick Dove, Executive Vice President of Heritage Global Partners Inc.
Napier Park is an alternative investment manager that manages $11.5 billion in capital as of September 30, 2018. Napier Park manages CLO’s, credit and private investments on behalf of institutional investors globally. Napier Park’s Real Assets group manages approximately $6 billion of equipment assets and seeks to generate attractive long-term returns through investments in long-lived essential use industrial and transportation equipment, generally alongside leading industry operating partners like HGP.
About Heritage Global Partners, Inc. (www.hgpauction.com)
Heritage Global Partners, Inc., is a world leader in industrial valuations and auction services. HGP is a wholly owned subsidiary of Heritage Global Inc. (OTCQB: HGBL, CSE: HGP) who is a value-driven, innovative leader in corporate and financial asset liquidation transactions, valuations and advisory services. Heritage Global focuses on identifying, valuing, acquiring and monetizing underlying tangible and intangible assets in twenty-eight global manufacturing and technology sectors. Heritage Global acts as an adviser, as well as a principal, acquiring or brokering turnkey manufacturing facilities, surplus industrial machinery and equipment, industrial inventories, accounts receivable portfolios, intellectual property, commercial real estate and entire business enterprises.
This communication includes forward-looking statements based on our current expectations and projections about future events. For these statements, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The forward-looking statements contained in this communication are based on knowledge of the environment in which the Company currently operates and are subject to change based on various important factors, including variability in magnitude and timing of asset liquidation transactions, the impact of changes in the U.S. national and global economies, interest rate and foreign exchange rate sensitivity, as well as other factors beyond the Company's control. Unless required by law, we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, you should not place undue reliance on these forward-looking statements, which speak only as of the date of this release. For more details on factors that could affect these expectations, please see our filings with the Securities and Exchange Commission.