June 20, 2018
The Connect Industrial conference will take place July 11. For more information, or to register, log on here.
A joint venture between New Mill Capital Holdings, LLC and Tiger Group divested the former General Mills Pillsbury plant in New Albany, IN to The Sazerac Company, one of the largest American family-owned distilling companies. The facility, located at 707 Pillsbury Lane, across the Ohio River from Louisville, KY, was closed in 2016.
Metairie, LA-based Sazerac intends to utilize the 460,000-square-foot plant for expansion of its processing, blending, packaging and distribution capabilities, involving an estimated investment of $66 million.
Upon purchasing the 34.5-acre property in late 2016, the New Mill/Tiger JV auctioned off General Mills’ excess equipment assets, and sold an adjoining 25-acre parcel to a local developer for construction of a self-storage facility.
Tiger’s Chad Farrell says, “Sazerac’s purchase of the plant is the final step in breathing life back into an asset which was vital to the southern Indiana economy during its nearly 60-year operation as a Pillsbury biscuit facility.”
JLL’s Matt Hartlage and Global Food Properties’ Jeff Counsell handled the transaction.
For comments, questions or concerns, please contact Dennis Kaiser