A joint venture of New Mill Capital Holdings and Tiger Capital Group has acquired Printpack’s flexible packaging, printing and tamper-evident label manufacturing facility in Fredericksburg, Virginia. The transaction, which included all equipment in the plant, closed on Feb. 12 for an undisclosed price.
The 91,000 square-foot plant, which manufactured labels and tamper-evident banding for a variety of industries, was purchased turnkey with all equipment still in place. An auction of the plant’s equipment is scheduled for early May 2016.
“We are excited about this purchase,” says Eric Weiler, principal of New Mill Capital Holdings. “The capability and quality of the manufacturing lines and support equipment available in Fredericksburg will make this auction sale a highly attractive event for potential buyers in the flexible packaging vertical. In addition to the equipment, the building has been very well maintained and the versatile layout can easily fit a variety of industrial uses going forward.”
The plant is located at 3551 Lee Hill Drive in Fredericksburg and sits on approximately 8.8 acres. It is currently available for sale or lease through Virgil Nelson of Cushman & Wakefield—Thalhimer.
“This acquisition epitomizes the strategy of our joint venture, which is to purchase first-class industrial plants on a turnkey basis for the purpose of remarketing the assets,” says Jeff Tanenbaum, president of Tiger Capital Group’s Remarketing Services division. “We look forward to a successful auction sale and to working with the Fredericksburg community to put another user into the vacant space."