HGP & Cloud Lead Successful LTAI Dublin Plant Sale

By June 5, 2014Press Releases

SAN DIEGO & DUBLIN–(BUSINESS WIRE)–Heritage Global Partners (“HGP”), a global leader in asset advisory and auction services and a subsidiary of Heritage Global Inc. (OTCQB: HGBL, CSE: HGP), today reported that its collaboration with Cloud Investment Partners, a global organization with expertise in the aerospace industry – the global online auction of the Lufthansa Technik Airmotive Ireland (LTAI) Plant assets (Dublin, Ireland) – was a resounding success with total receipts significantly exceeding owners’ expectations. The sale was conducted on behalf of Irish-based Auctioneering Company E-Auctions.

Other highlights of the auction:

  • Over 1800 lots sold
  • 420+ bidders
  • 245+ buyers from 11 countries across three continents

“We are very pleased with the final results of our sale of LTAI’s plant assets, which featured a wide range of engineering, inspection, test equipment, works transport and additional items. This was truly a global auction in every sense of the word, with interested bidders for more than 1800 lots from around the world,” stated Ross Dove, Managing Director, Heritage Global Partners. “We were delighted to once again join forces with David Weiss and the Cloud Investment Partners team given their extensive expertise in the aerospace sector and we also benefited from the local auctioneering experience of E-Auctions.”

David Weiss, Partner of Cloud Investment Partners, stated, “This marks the third successful collaboration between Heritage Global Partners and Cloud Investment Partners within the past 18 months. Our other Engine MRO asset sales included AVEOS and LTQ (Lufthansa Qantas JV). We look forward to working with the HGP team in the near future as we seek to jointly maximize the valuations of aerospace-related assets on behalf of our mutual clients.”

For LTAI, Mal Cowley noted “We are very pleased with the auction results for Lufthansa Technik Airmotive Ireland and were impressed with the professional manner in which HGP and Cloud worked with our staff to deliver value and meet timelines in what proved to be a highly complex operation.”

Chris Matthews, who led the HGP operations team on the ground, commented “It was a pleasure working as a true team with a hands-on cooperative client like Lufthansa Technik Airmotive Ireland, whose support really benefitted us all.”

Heritage Global Partners is one of the leading worldwide asset advisory and auction services firms. HGP specializes in asset brokerage, inspection, and valuations, industrial equipment and real estate auctions, and much more.

Contacts

For Heritage Global Partners
Chris Matthews, +44-753-845-9839
cmatthews@hgpauction.com
or
David Weiss, 561-266-0845 x119
david.weiss@cloudlllp.com
or
Kieron Gammell, +353-45-883-554
kgammell@e-auctions.ie
or
Rob Rinderman, 212-835-8500
HGP@jcir.com

 

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