June 05, 2014 08:02 AM Eastern Daylight Time

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 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.