Former Unilever Ice Cream Plant in Hagerstown, MD Sold to New Mill Capital and M Davis Group

  Former Unilever Ice Cream Plant in Hagerstown, MD Sold to New Mill Capital
  and M Davis Group

  Joint Venture aims to reposition the plant for alternative food processing
                                    users

Business Wire

HAGERSTOWN, Md. -- May 7, 2013

A Joint Venture of New Mill Capital LLC (NMC) of Los Angeles
(www.NewMillCapital.com) and M Davis Group LLC (MDG) of Pittsburgh
(www.mdavisgrp.com) has purchased from Unilever a former ice cream plant in
Hagerstown, MD. The 142,000 square foot plant was sold in its entirety,
including equipment, after having ceased production in the Fall of 2012. The
NMC/MDG joint venture plans to remarket the facility to other ice cream
manufacturers and alternative food users who can utilize the plant’s central
East Coast location and abundant infrastructure to expand or augment their
existing operations.

The transaction closed Friday, May 3, for an undisclosed price. The NMC/MDG
joint venture has begun working with the city of Hagerstown and Washington
County, MD to identify logical users for the property and put together a
package of competitive incentives to help maximize employment at the site. The
equipment will be kept on site in the short term to give potential users time
to inspect and underwrite the opportunity. If no user is found, an auction for
the equipment will occur in August.

“Unilever worked hard to find a buyer with a strong track record of
repurposing closed corporate facilities such as our property in Hagerstown,
and we are confident we’ve found that group in New Mill Capital and M Davis
Group,” said Vincent Santella, Real Estate Director for Unilever in the
Americas.

“We are excited about the opportunity that is presented to us with the
acquisition of the Unilever plant,” said Gregory Schain, executive vice
president of New Mill Capital. “We will be working closely with M Davis Group
and local officials to bring quality jobs back to this site. M Davis Group is
a leading national expert in providing solutions for underutilized food
plants, and the officials we’ve met with from both the City and County have a
proactive mindset in helping get this plant back to life. We have a strong
team and expect to have a successful outcome.”

Martin Davis, CEO of M Davis Group, shares Mr. Schain’s enthusiasm for the
project:

“This is a well built, flexible plant with ample water rights, a high-capacity
wastewater treatment plant, low utility rates, and well maintained process and
support equipment,” said Mr. Davis. “Several of my contacts within the food
industry have expressed interest in this plant, and we expect to bring
economic activity back to the property in the not too distant future.”

NMC and MDG have joint ventured on several projects in the past, including
acquiring two Bob Evans Farms plants in Ohio in March of 2013 and packages of
personal property from companies such as Diversapack in Monroe, OH and
Champion Photochemistry in Rochester, NY.

Dan Hudak of Mackenzie Commercial Real Estate Services brokered the
transaction.

ABOUT NEW MILL CAPITAL

New Mill Capital’s forte is providing “comprehensive asset solutions for the
industrial marketplace”. Primary services are value-added equipment
liquidation and monetization, real estate acquisition and repositioning,
webcast and online auctions, and traditional sales transactions. 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).

ABOUT M DAVIS GROUP

M. Davis Group is solutions provider with expertise in the food, beverage,
packaging, and processing industries. The products, services, and solutions
provided range from asset valuations, dispositions, auctions, acquisitions and
ongoing consultative services. Among the suite of strategic solutions M. Davis
Group provides are extensive asset recovery services - uncovering and
unlocking value from capital assets into working capital. M. Davis Group
monetizes unneeded, unwanted or underperforming assets through asset sale or
purchase. Major clients include Dean Foods, PepsiCo, and Nestle USA.

Contact:

MEDIA
New Mill Capital LLC
Gregory Schain, 646-578-8193
gregs@newmillcapital.com
 
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