The five-facility transaction closed Friday, Feb. 22, for an undisclosed price, with New Mill Capital (NMC) already selling off one piece on closing day: a former Quad/Graphics printing plant in Jonesboro, Ark., to a confidential buyer, a national brand in the packaging industry committed to creating new jobs via expanded packaging lines. The four remaining Quad/Graphics properties, including a spectacular printing plant in Virginia, are being recast in signature IRG/NMC mode of adaptive reuse, to maximize value for client(s), buyers, sellers and communities alike.
“We will be investing in the real estate, making improvements as we see fit in each of the individual scenarios, keeping in mind our ultimate goal, which is to find anchor tenants who will bring jobs and new business opportunities for these communities,”
Mr. Schain works out of the private equity firm’s New York City offices; NMC also operates in Chicago and Los Angeles. His partners are Mr. Tim Watters, executive vice president, and Stu Lichter, president of IRG.
The other Quad/Graphics facilities, besides the printing plant in Virginia (Henrico), are a multi-purpose manufacturing, warehousing and office facility in Mt. Morris, Ill.; and two multi-purpose facilities in Tennessee, in Memphis (industrial/
Adaptive reuse, Value-added Monetization, an ‘A List’ of Clients
New Mill Capital’s forte is providing “comprehensive asset solutions for the industrial marketplace,” which, in tandem with IRG, New Mill Capital’s parent, the private equity firm performs for A-list corporate clients such as Goodyear, General Motors, GE, Sara Lee, Whirlpool and Ford Motor Co., to name a few. Primary services are value-added equipment liquidation and monetization, which it conducts as webcast and online auctions, as well as traditional sales transactions.
“We are capable of monetizing assets in a variety of ways. Our first priority is always to see businesses continue to operate as ongoing concerns, but circumstances arise in which distressed companies need to liquidate assets,” said Mr. Watters. “Moving forward, with these new Quad/Graphics properties, we plan to remain flexible, and stay aggressive with leasing terms.”
Watters is versed in all phases of the auction and asset liquidation industry, and manages all personal property asset acquisitions and dispositions for NMC. He’s conducted over 250 auction acquisitions, grossing more than $400 million, while selling assets to and from Fortune 500 and 1000 companies across the globe.
New Mill Capital also offers Debtor-in-Possession (DIP) financing secured by real and/or personal property in order to provide short-term liquidity to industrial companies that have an immediate need for cash. The company’s principals have a long track record of providing successful DIP loans, allowing companies to meet working capital needs, invest in projects, or simply bridge a gap while permanent financing is secured.
Auctions start tomorrow in Memphis - next month (March 2013) for Arkansas, Virginia
Up first, as in tomorrow, Tuesday, Feb. 26th: an onsite auction of the Memphis industrial/warehouse property, a 276,000-square-
In March, both the Jonesboro (AR) and the Virginia printing plants will be sold via online auction. Check back to the New Mill Capital website (www.NewMillCapital.com)
The gem of the Quad/Graphics package is the Virginia plant, a 249,000-square-
Prior to founding New Mill Capital, Mr. Schain managed all turnkey assets for Counsel RB Capital, including acquisitions, due diligence, leasing, asset and property management, financial analysis, strategic and disposition. He manages all real property acquisitions, transactional and financing services for NMC.
“While this might not be our biggest acquisition, it’s certainly one of the larger deals we’ve done,” said Schain. Besides the printing industry, NMC has conducted auctions and/or liquidations for industries ranging from food processing and packaging to steel, semiconductor, cosmetics and textiles. Previous turnkey projects (facility and asset sales) have been provided for National Gypsum in Pennsauken, NJ (200,000 SF); Contract Pharmaceuticals Ltd. in Buffalo, NY (500,000 SF); Kaiser Aluminum in Mead, WA (1.6M SF); National Gypsum in Lorain, OH (200,000 SF); and Sara Lee in Paris, TX (350,000 SF).
For more information about NMC, founded in 2011 and run by the Schain/Watters/