New York based New Mill Capital Holdings and Tiger Capital Group, through their joint venture, have acquired a manufacturing plant in Indiana operated by General Mills.
However, the financial details to purchase the dough-products facility located in New Albany have not been disclosed.
New Mill Capital Holdings principal Gregory Schain said: “This plant is one of the highest quality food production and distribution facilities currently available in the Midwest. Between the high capacity waste water treatment, cooler space, rail access, storage silos, and many other amenities, this is turnkey space suitable for a variety of process and packaging operations.”
The transaction includes a large portion of the production equipment that was used in the facility, which was closed recently.
The new owners of the plant intend to auction the remainining equipment in early 2017and remarket the real estate to other food or non-food manufacturers.
Tiger Capital Group commercial & industrial division president Jeff Tanenbaum said: "This acquisition adds to our rapidly growing joint venture, in which we purchase high quality industrial plants on a turnkey basis for the purpose of remarketing the assets.
"We look forward to a successful auction sale and to working with the city of New Albany and state of Indiana to put jobs and economic life back into the building."
Earlier in the month, General Mills revealed that it would shut down a facility and expand at another, as part of its ongoing global restructuring plans.
Prior to that, in September, the company said that it would be closing a manufacturing plant in New Jersey.
