ATLANTA & SAN DIEGO--(BUSINESS WIRE)--Heritage Global Inc. (OTCQB: HGBL, CSE: HGP), a leader in distressed and surplus corporate and financial asset valuations and transactions, today announced the launch of Heritage Global Capital (“HGC”), its newly formed fixed asset financing services division. HGC complements and expands Heritage Global’s existing asset valuation, advisory, and auction capabilities by adding new service offerings focused on providing term loans and leases secured by equipment and real estate.
HGC provides lower to upper middle-market businesses loans and leases ranging in transaction size from $1,000,000 to $30,000,000 and its services include both asset refinancing and new placements. HGC works with its industry-leading financial partners including asset-based lenders, factoring groups, mezzanine lenders, turnaround consultants and investment banks to deliver financial solutions for clients seeking additional liquidity.
In conjunction with the launch of Heritage Global Capital, Joe Upson has been named Managing Director with responsibility for overseeing the division’s operations including developing and growing its customer base, implementing and executing its sales and marketing strategies, and assisting in the implementation of Heritage’s fixed asset financing strategies, products and services—including equipment lending and real estate transactions.
Commenting on the launch of HGC, Heritage Global Chief Executive Officer Ross Dove stated, "The launch of our fixed asset financing division represents the next step in fulfilling our vision to build Heritage Global Inc. into a leading provider of diversified global asset solutions and services. The addition of Heritage Global Capital to our existing platform of asset valuation, advisory and auction capabilities, from our Heritage Global Partners, Heritage Global Partners Europe, Heritage Global Valuations, Heritage Equity Partners, Heritage National Loan Exchange and Heritage Zetabid Realty Services divisions, enables us to effectively address the needs of our customers through our comprehensive offering of best-in-class global asset solutions and services. In line with our stated objectives, HGC’s equipment and fixed asset financing services expand and diversify our product portfolio while creating further value for our corporate clients, customers and investors.
“Joe Upson brings to his new role at HGC a deep understanding of the dynamics of financial services and fixed asset financing. He has 27 years of banking experience and a proven record of forging strong relationships with leading lending institutions across the capital structure. With his extensive expertise and relationships we are confident in Joe’s ability to lead our HGC division.”
Commenting on his appointment, Joe Upson stated, “Heritage Global Inc. and its subsidiary businesses are well known in the industry for delivering innovative global asset solutions and exceptional service to large corporations and clients worldwide. In this new role, I will further leverage my banking experience and diverse financial product and asset financing expertise, as well as the deep lending relationships built over my career to generate results and to further grow the operations. I look forward to taking on the opportunity and working with Ross Dove and the exceptional teams at Heritage Global Inc.”
About Heritage Global Inc. (www.heritageglobalinc.com)
Heritage Global Inc. (OTCQB: HGBL, CSE: HGP) is a value-driven, innovative leader in corporate and financial asset liquidation transactions, valuations and advisory services. Heritage Global focuses on identifying, valuing, acquiring and monetizing underlying tangible and intangible assets in twenty-eight global manufacturing and technology sectors. Heritage Global specializes both in acting as an adviser, as well as acquiring or brokering turnkey manufacturing facilities, surplus industrial machinery and equipment, industrial inventories, accounts receivable portfolios, related intellectual property, and entire business enterprises.
The statements made in this release that are not historical facts contain forward-looking information that involves risks and uncertainties. All statements, other than statements of historical facts, which address the Company's expectations, should be considered as forward-looking statements. Such statements are based on knowledge of the environment in which the Company currently operates, but because of the factors listed herein, as well as other factors beyond the Company's control, actual results may differ materially from the expectations expressed in the forward-looking statements. Important factors that may cause actual results to differ from anticipated results include, but are not limited to, obtaining necessary approvals and other risks detailed from time to time in the Company's securities and other regulatory filings.