Heritage Global Capital (“HGC”), a division of Heritage Global Inc. (Nasdaq: HGBL), specializing in flexible fundings for the Accounts Receivable Management “ARM” industry, announced today that to date it has, together with its senior lenders, funded financial portfolio acquisitions of $100 million.
“Reaching the $100 million mark is an exciting milestone for us and demonstrates our ability to leverage the opportunities we’re seeing as the current economic environment continues to drive significant increases in charge-off volume. Over the years, we’ve developed strong client relationships as well as strategic lending partnerships, and these, coupled with the extensive experience and knowledge of our HGC management team, position us well in our goal to become a premier lender. As we celebrate this milestone, we also look forward to continuing to support our clients, and believe our achievement of the next $100 million in funding is just over the horizon,” commented Ross Dove, CEO of Heritage Global Inc.
David Ludwig, President of Financial Assets, added, “Despite the prior environment of pandemic-delayed deal flow, our ability to fund $100 million worth of acquisitions exceeded our internal goals and is a testament to the strength of our team and our client relationships. We are very proud of our clientele and grateful for the trust they have given Heritage Global Capital. Our borrower clients have exceeded collection forecasts as well as maintained solid financial stability and operations integrity. As record outstanding consumer credit continues to grow, HGC expects to see rapid growth as we enter 2023 and beyond.”
Heritage Global Capital, LLC. (“HGC”) is a subsidiary of Heritage Global Inc. (NASDAQ: HGBL). HGC operates under the Financial Assets business unit and provides flexible funding structures for all asset classes while specializing in buyers acquiring financial portfolios. A customized one-stop credit solution strategized to deliver cost-effective debt capital, HGC lends to companies across a variety of asset classes and thrives on providing creative solutions to companies with non-traditional business models.
Heritage Global Inc. (“HG”) values and monetizes industrial & financial assets by providing acquisition, disposition, valuation, and lending services for surplus and distressed assets. This aids in facilitating the circular economy by diverting useful industrial assets from landfills and operating an ethical supply chain by overseeing post-sale account activity of financial assets. Specialties consist of acting as an adviser, in addition to acquiring or brokering turnkey manufacturing facilities, surplus industrial machinery and equipment, industrial inventories, real estate, account receivable portfolios, and intellectual property through its two business units: Industrial Assets and Financial Assets.
This communication includes forward-looking statements based on our current expectations and projections about future events. For these statements, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. While the Company believes the forward-looking statements contained in this communication are accurate, these forward-looking statements represent the Company’s beliefs only as of the date of this communication, and there are a number of factors that could cause actual events or results to differ materially from those indicated by such forward-looking statements, including variability in magnitude and timing of asset liquidation transactions, the impact of changes in the U.S. national and global economies, and interest rate and foreign exchange rate sensitivity, as well as other factors beyond the Company’s control. Unless required by law, we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, you should not place undue reliance on these forward-looking statements, which speak only as of the date of this release. For more details on factors that could affect these expectations, please see our filings with the Securities and Exchange Commission.
John Nesbett/Jennifer Belodeau
IMS Investor Relations