Case Studies:
Obtaining Maximum Value at Auction
CHALLENGE
Exel, a $4 Billion dollar a year worldwide logistics and supply chain corporation decided to cease operations at its Power Packaging facility, one of the largest hot fill beverage facilities on the east coast. Exel needed to maximize revenues for the equipment assets AND minimize its closing charges to the landlord. According to the lease, the landlord would institute a hefty daily charge for each day the 350,000 square foot facility was occupied beyond the occupancy deadline. Conversely, a significant incentive was available if the building would be returned early.
The removal obligation included returning the facility back to a 100% cleaned building including demolition of multiple filling rooms, mezzanines, refrigerated storage areas, all equipment specific electrical wiring, a 250,000 sq.ft fully racked storage warehouse as well as (4) complete beverage packaging lines.
SOLUTION
Harry Davis & Company was selected to conduct an auction campaign and on a parallel track, facilitate the demolition procedures in order to meet the accelerated timeline. In this case, TIME = MONEY! Harry Davis & Company’s experience as the beverage industry’s most experienced auctioneer was heavily relied upon and a timeline for action was implemented.
SUCCESS
The sale was most successful to all involved as 420 registered bidders participated on-site and on-line from throughout the world. Because of the great interest in the auction sale, prices were strong and all equipment was successfully sold. Additionally, Harry Davis & Company completed the removal ahead of schedule resulting in the early return of the facility to the landlord.
Click for Details on Power Packaging Auction
Bringing the World to Nebraska CHALLENGE A major food ingredients company completed an extensive renovation of a large, ultra-modern milk protein and lactose ingredients processing facility in Norfolk, Nebraska. But changing market conditions forced a sudden closing of the newly updated plant. The attractive facility attracted interest, but no serious offers. How could the multi-national corporation best recover its substantial investment in this state-of-the-art evaporating and drying plant? SOLUTION The owners of the Protient facility turned to Harry Davis & Company, the food and beverage industry leader in the brokered sale of complete plants. Harry Davis & Company immediately began a comprehensive campaign to identify potential buyers of the facility and to conclude a sale. The marketing efforts included electronic and print media directed to the food processing industry, but most importantly direct contact with interested parties from as far away as New Zealand and Israel. SUCCESS Harry Davis & Company created a competitive environment through which multiple competing bidders sought to purchase and operate the facility. The result was a highly successful negotiated sale of the dairy ingredient facility.
Making $5 Million out of $3 Million in 90 Days!
PREDICAMENT
Residents of
Among Weirton Steel’s largest non-operational assets was its real estate portfolio. This portfolio would be folded into the acquisition for an additional $3 Million if
SOLUTION
Harry Davis & Company, the region’s most successful real estate auctioneer was selected to conduct an auction campaign of all 11 parcels of real estate not critical to
The properties included: “The Weirton Lodge”, a 10,000 square foot stone mansion utilized as a corporate retreat which overlooked the Ohio River and was situated within a private country club; an idle tin mill; income producing industrial acreage with river frontage; a technical training center; hundreds of acres of vacant land and other parcels.
SUCCESS
With hundreds in attendance and local news cameras rolling, Harry Davis & Company successfully sold each of the 11 properties to national, regional and local purchasers.
Each property transaction closed within 30 days and the