SAN DIEGO--(BUSINESS WIRE)--Heritage Global Inc. (NASDAQ: HGBL) (“Heritage Global,” “HGI” or “the Company”), an asset services company specializing in financial and capital assets, recently celebrated the one-year anniversary of the launch of the Company’s newest division, Heritage Global Capital (“HGC”). Heritage Global Capital provides specialty financing solutions to buyers of distressed and nonperforming financial asset portfolios. The HGC platform targets a growing but underserved market of debt buyers seeking non-institutional financing options.
Since its ramp-up period, HGC has on-boarded 18 clients and deployed over $12.5 million in loans to purchase consumer obligations totaling over $115 million. With participation of our senior credit facilities, HGC is currently negotiating over $20 million in portfolio recapitalizations, in addition to funding its regular business volumes. “We are pleased with our initial growth, particularly in light of lower debt sales volumes in target markets during the second quarter as a result of the COVID-19 pandemic,” said David Paris, Managing Director-Business Development. “Looking ahead, with debt sales volumes normalizing, we remain on track to generate sustainable growth.”
Don Hilbert, Managing Director-Finance added, “HGI’s recent listing on the NASDAQ Stock Market represents an exciting milestone for our growing company. HGC remains well positioned to capitalize on rising demand for capital by debt buyers reflecting the extensive track records of our senior executive team combined with unmatched client service.”
About Heritage Global Inc. (www.heritageglobalinc.com)
Heritage Global Inc. (NASDAQ: HGBL) is an asset services company specializing in financial and capital assets. The company provides a full suite of services including market making, acquisitions, dispositions, valuations and secured lending. Heritage Global focuses on identifying, valuing, acquiring and monetizing underlying tangible and intangible assets across twenty-eight global sectors. The company acts as an adviser, as well as a principal, acquiring or brokering turnkey manufacturing facilities, surplus industrial machinery and equipment, industrial inventories, accounts receivable portfolios, intellectual property, and entire business enterprises.