MFGR LLC, a consortium made up of CRG Acquisition, Gordon Brothers Group, Rabin Worldwide and PPL Group, 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, stated. "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 in order to achieve our mutual goals," he added.
The assets include 400,000 square feet of warehouse buildings, a waste water treatment plant, a 16 MW bio mass boiler and approximately 300 acres of land with roughly another 4,000 feet of frontage on the Penobscot River.
CRG is an international firm which creates liquidity through innovative solutions. We specialize 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. (www.capitalrecoverygroup.com)
About Gordon Brothers Group
Founded in 1903, Gordon Brothers Group (www.gordonbrothers.com) is a global advisory, restructuring and investment firm specializing in the retail, consumer products, industrial and real estate sectors. Gordon Brothers 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 over $70 billion worth of transactions and appraisals annually. As of November 2014, debt financing is provided by Gordon Brothers Finance Company (www.gbfinco.com).
About Rabin Worldwide
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 over 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. (www.rabin.com)
About PPL Group
PPL Group LLC (PPL) is a private equity firm which 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 United States. 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. (www.pplgroupllc.com)