MFGR Purchases Assets Formerly Owned by Expera, Old Town, Maine
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MFGR LLC, Boston, Mass., USA, a consortium made up of CRG Acquisition, Gordon Brothers Group, Rabin Worldwide, and PPL Group, this week announced that they have purchased the Expera Mill in Old Town, Maine. The company made the strategic decision to wind down operations late last year as it faced what it described as unsustainable business conditions. The joint venture will begin marketing the assets for immediate sale over the coming weeks.
"We have had numerous inquiries since the former Expera Plant has been under contract with our group, including aqua culturists, transportation hubs, pulp manufacturing, and developers," Bill Firestone, president of CRG, said. "Given our group's experience in this market, as well as the desirability of many of these assets, we see a large potential to make these unproductive assets productive again, particularly in view of the Bio Production/Green Chemical Research being conducted on the site by the University of Maine. We look forward to working closely with Municipal and State agencies to achieve our mutual goals," he added.
The assets include 400,000 sq. ft. of warehouse buildings, a waste water treatment plant, a 16 MW biomass boiler, and approximately 300 acres of land with roughly another 4,000 ft. of frontage on the Penobscot River.
CRG is an international firm that creates liquidity through innovative solutions. It specializes in complex industrial facilities with idle or marginally productive assets and may work with strategic partners to either revitalize the under productive assets and/or liquidate the surplus. "Our business model is to execute the above as principals where we roll up our sleeves and work hard to achieve our goals with our risk capital deployed. We have a multi-million dollar credit facility, which provides the capital to accomplish the forgoing, the company stated.
Founded in 1903, Gordon Brothers Group is a global advisory, restructuring, and investment firm specializing in the retail, consumer products, industrial, and real estate sectors. The Group maximizes value for both healthy and distressed companies by purchasing or selling all categories of assets, mitigating leases, appraising assets, and operating businesses for extended periods. Gordon Brothers Group conducts more than $70 billion worth of transactions and appraisals annually. As of November 2014, debt financing is provided by Gordon Brothers Finance Co.
Rabin Worldwide provides comprehensive financial solutions for businesses in transition, from Fortune 500 companies and private industry, to financial institutions, receivers, trustees, and courts. "Our ability to evaluate, market, and sell surplus business assets has inspired the confidence of our clients and customers for more than 50 years. Rabin Worldwide is a multi-generation business providing financial solutions for a wide range of clients and customers. We began by selling WWII surplus in the San Francisco Bay Area in the 1950's, and we are now a global company capable of managing industrial sales of any size or type — known for our financial strength and ability to assume equity positions in all manufacturing and processing industries" the company explained.
PPL Group is a private equity firm that uses its capital to help businesses fund growth and monetize commercial assets. The company's experience and expertise allow it to provide the best possible financial recovery for its clients around the world. Recent clients include Ryerson Steel, Caterpillar, GE Aircraft, Newell Rubbermaid, and Delphi – along with myriad small and middle-sized companies across the U.S. PPL has worked with hundreds of small to middle-market businesses during turnaround, restructuring, and bankruptcy situations. The company also serves large corporations in the recovery of maximum values for their idle and surplus assets.
