Printpack has sold its flexible packaging manufacturing facility in Virginia, US, to a joint venture (JV) comprising New Mill Capital Holdings and Tiger Capital Group.

Located in Fredericksburg, the 91,000ft² plant manufactures labels and tamper-evident banding for a variety of industries.

The JV bought the plant with its equipment still in place. An auction of the plant’s equipment is scheduled for early May.

New Mill Capital principal Eric Weiler said: "The capability and quality of the manufacturing lines and support equipment available in Fredericksburg will make this auction sale a highly attractive event for potential buyers in the flexible packaging vertical.

"This acquisition epitomises the strategy of our joint venture."

"In addition to the equipment, the building has been very well maintained and the versatile layout can easily fit a variety of industrial uses going forward."

The financial terms of the deal have not been disclosed.

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Tiger Capital Group remarketing services division president Jeff Tanenbaum said: "This acquisition epitomises the strategy of our joint venture, which is to purchase first-class 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 Fredericksburg community to put another user into the vacant space."

Last June, Printpack announced plans to shut down the Fredericksburg manufacturing facility.

The operations at the plant are expected to cease completely in the first quarter of this year.

Printpack’s label and tamper-evident band business in Fredericksburg will be transferred to other Printpack plants.

To date, New Mill Capital has acquired more than 10,000,000ft² of manufacturing facilities throughout the US.

It conducts auctions and/or liquidations for a variety of industries, including food processing, packaging, cosmetic, metalworking, heavy construction, laboratory and textiles.

With offices in New York, Los Angeles, Boston, Chicago, Sydney and San Francisco, Tiger Capital provides asset valuation, advisory and disposition services to a broad range of retail, wholesale and industrial clients.