Infinity Asset Solutions and New Mill Capital Holdings Purchase Philadelphia Area Food Plant
WEST CHESTER, Pa.--(BUSINESS WIRE)--Jan 3, 2019--A Joint Venture of Infinity Asset Solutions of Concord, ON ( www.infinityassets.com) and New Mill Capital Holdings of New York ( www.newmillcapital.com ) has acquired the former Hain Celestial frozen food production plant in West Chester, PA. The acquisition includes the real estate as well as all cold storage equipment and infrastructure.
Designed, built and occupied exclusively for frozen food production, the 134,010 square foot facility provides immediate capacity for refrigerated or frozen food manufacturing. The plant offers significant infrastructure including an ammonia refrigeration system with nine compressors, 11,900 square feet of -20F capable frozen storage, nearly 58,000 square feet of refrigerated production space and bulk dry ingredient storage with three silos.
“This acquisition is in line with our strategy of identifying underutilized, high quality food processing facilities that can be retrofitted for modern users,” said Leslie Amoils, President of Infinity Asset Solutions. “The West Chester plant represents a compelling opportunity to restart food production and storage in a strategically located area. Potential users will be attracted to the area’s strong labor force and easy access to highways and rail systems in a property that can be acquired significantly below replacement cost.”
The JV partners and its affiliates have acquired and repurposed numerous food and beverage production plants throughout the US and Canada including assets on behalf of General Mills, Kraft Heinz, Unilever, Sunny Delight, Flowers Foods, Aryzta, Bob Evans, Sara Lee, Smithfield Foods, and many others.
“Our venture specializes in identifying excess corporate real estate and equipment assets and providing streamlined solutions to bring those assets back to life,” said Tom Murray, Principal of New Mill Capital Holdings. “As we begin making improvements and marketing the property, I am confident that prospective tenants will see the value and functionality of this plant and location.”
The transaction closed on December 24, 2018.
ABOUT NEW MILL CAPITAL HOLDINGS
New Mill Capital provides comprehensive asset solutions for the industrial marketplace. Primary services include turnkey acquisitions of closed industrial plants, industrial redevelopment and value-add real estate acquisitions, equipment liquidation and monetization, webcast and online auctions, and traditional sales transactions. NMC has acquired over 13,000,000 square feet of vacant plants since 2011, with the vast majority being put back to productive use. In addition, NMC has conducted auctions and/or liquidations for industries ranging from food processing and packaging to steel, semiconductor, cosmetics and textiles. To learn more about New Mill, please visit www.newmillcapital.com.
ABOUT INFINITY ASSETS SOLUTIONS
Infinity Asset Solutions is a comprehensive provider of industrial disposition services to a variety of industries, including metalworking, machining, fabrications, plastics, printing, food and beverage, forestry, and more. Core competencies of Infinity include acquisition, auctions, appraisals, and financing. Infinity is one of the largest provider of disposition services in Canada and has a large presence in the United States as well, with clients including many large financial institutions and Fortune 500 companies.
View source version on businesswire.com:https://www.businesswire.com/news/home/20190103005702/en/
CONTACT: Gregory Schain
New Mill Capital Holdings
KEYWORD: UNITED STATES NORTH AMERICA PENNSYLVANIA
INDUSTRY KEYWORD: MANUFACTURING OTHER MANUFACTURING CONSTRUCTION & PROPERTY COMMERCIAL BUILDING & REAL ESTATE
SOURCE: New Mill Capital Holdings
Copyright Business Wire 2019.
PUB: 01/03/2019 03:58 PM/DISC: 01/03/2019 03:58 PM