Loeb News
Feature Stories
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Where Are You Entering the Value Curve When Lending on M&E? |
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Matador Processors: Peppers and Prayers |
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11th-Hour Deal Rescues Awrey Bakery |
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Food Plants Using Auctions More Often to Buy and Sell Assets |
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Loeb Equipment & Appraisal Makes Life's Work a 2nd Life for Machinery Owners of Loeb Equipment & Appraisal Company Collect Signs of Past Businesses |
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Chocolate Morsel of Hope Lives On in Fulton |
Published Articles
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Fall 2011, The Commercial Factor (IFA) |
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October 2010, The Secured Lender (CFA) |
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Partnered for Success: Loeb Works with Auctioneers to Add Value by Howard Newman Fall 2009, The Podium (IAA) |
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10 Questions to Ask When Purchasing Used Equipment by Howard Newman May 2005, Contract Packaging Magazine |
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Purchasing, Redeploying and Selling Capital Machinery by Howard Newman March 2004, Global Cosmetics Manufacturing |
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The First Fifty Years: A Personal History by Robert Newman Spring 1992, AMEA Appraiser Newsletter |
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Loeb News
Assets from Harris Silver & Sons, Inc. Sold in Bulk
Loeb Winternitz Industrial Auctioneers Successfully Sells the Assets from an Illinois Scrap Processor to a Strategic Buyer
Loeb Winternitz Industrial Auctioneers announced they have facilitated the bulk sale of the assets located at Harris Silver & Sons, Inc. to Alter Trading Corporation, headquartered in St. Louis, MO. As a result the auction originally scheduled for Tuesday, May 16th was canceled.
"We are happy that we could provide added value in the bulk sale of the Harris Silver assets, stated Charles J. Winternitz, President of Loeb Winternitz Industrial Auctioneers. "With the scrap market improving, and the location of this yard, we felt there was an opportunity for a bulk sale to occur."
Loeb Term Solutions Partners to Close $2.5M Cross-Border Equipment Financing
Loeb Term Solutions announces the successful closing of a cross-border, industrial equipment financing transaction for a manufacturing production line in Tijuana, Mexico.
"Our goal is to provide the client with the best options for their financing needs," stated John Hagist, CFO of Loeb. "Regardless if the equipment is in the US or Mexico or if they want the transaction denominated in US Dollars or Pesos we can provide a solution."
Paramount Machining Solutions Sold as Ongoing Concern
Loeb Winternitz Industrial Auctioneers and Yellen Partners Successfully Sell Assets from a Michigan CNC Precision Prototype Facility to a Strategic Buyer
Loeb Winternitz Industrial Auctioneers and Yellen Partners announced this week that they have facilitated the sale of the assets of Paramount Machining Solutions as a complete operation, to Global Manufacturing Industries. As a result, any scheduled auctions have been cancelled.
"It took a number of months to secure this transaction, but we are all excited the sale finally closed. This transaction was a little more complicated as it involved the equipment, real estate, inventory, and receivables, but at the end of the day when a company such as Paramount becomes available, it's great to complete a turn-key sale, especially when so many jobs could be saved," stated Charles J. Winternitz, President of Loeb Winternitz Industrial Auctioneers.
Loeb Welcomes Andy King to the Team as Executive Vice President, Originations
Loeb is pleased to announce the addition of Andy King to the team as the Executive Vice President, Originations. He joins the organization focusing on expanding the company's equipment-based lending portfolio, as well as, appraisal, auction, and off-lease remarketing services.
"Loeb has grown its finance group with great people and with the addition of Andy that continues," stated Jim Newman, Principal, Loeb Term Solutions. "I look forward to working with Andy and having him take over the Origination part of our group."
Andy brings over 16 years' experience as an accomplished senior bank executive with significant experience as a middle market commercial banking officer. Previously at PrivateBank working with their special assets group and most recently with First Midwest Bank, Andy has focused on lending to finance companies, leasing companies, and collateral lenders.
Loeb Term Solutions Invests in SQN Latina to Provide Equipment Financing in Mexico
The Partnership is Focused on Providing Equipment Financing in Mexico with Fundings up to $4,000,000 per Deal
Loeb Term Solutions announces its recent partnership in SQN Latina, a Mexico city-based industrial asset lender focused on small and medium enterprises. The partnership between the two companies is breaking barriers in the manufacturing, construction and transportation industries by its ability to offer equipment financing in Mexico.
"We have received many requested from U.S. manufacturers that have facilities in Mexico that would like to leverage that equipment. Until now there has not been a seamlessly integrated way to do this in U.S. currency," stated John Hagist, CFO of Loeb. "We're thrilled with this new partnership and the opportunities that it will bring to our clients, both state-side and based in Mexico."
Domestic companies wanting to leverage their assets in Mexico, but borrow and pay in U.S. dollars (USD), now have options to secure financing. The deals, ranging between $500,000 and $4,000,000 dollars (USD), are structured as sixty-month term leases with a small residual.
Chicago-based lender, Loeb Term Solutions, closed out June by financing over $8,500,000 dollars' worth of industrial machinery and equipment. The financing is helping a southwest precious metal mining operation, a southeast sod manufacturer, and a sustainable packaging manufacturer, expand their businesses in order to meet the demands of their industries.
Loeb Welcomes Joseph Upson to the Team as Southeast Region Business Development Officer
Loeb is pleased to announce the addition of Joseph Upson to the team as the Southeast Region Business Development Officer. He joins the rest of the Loeb team in focusing on expanding the company's equipment-based lending portfolio, appraisal services, off-lease remarketing services, and auction services.
Joseph Upson brings over 26 years' experience in the corporate leasing and financing industry to Loeb. Joe will be working in business development for the company focusing on promoting the financial services of the company, namely the asset-based lending products offered by Loeb Term Solutions. He was a co-founder and Principal in CompanionWay Capital, a senior secured lender focused on the middle market sector, as well as Commenda Capital, a broker dealer focused on advisory work for small to middle sized companies. Additionally, Joe's diverse financial background includes strategic positions with Textron Financial, GMAC Financial, Transamerica Financial, SunTrust Bank of Atlanta, Bank of Boston and DeNovo Capital, LLC; a financial advisory and syndication firm which he founded in 2002.
Assets of Balmoral Racing Club, Inc. and Maywood Park Sold Through Bankruptcy Sale
Loeb Winternitz & Yellen Partners Complete the Piecemeal Auction of Maywood Park While Balmoral Racing Club was Sold in Bulk
Loeb Winternitz Industrial Auctioneers and Yellen Partners announce the completion of the Maywood Park personal property auction, and the Court approval for the sale in its entirety of the Balmoral Racing Club real estate and personal property assets after a decision by the Bankruptcy Court, Northern District of IL.
Two last-minute bulk purchase offers were submitted directly to the Debtors during the Balmoral Park auction on Wednesday, April 27th. The piecemeal auction was adjourned upon conclusion pending a decision by the Court, which was handed down on Wednesday, May 4th.
Loeb Winternitz Industrial Auctioneers and Yellen Partners to Conduct a Two Day, Online Only Auction April 27 and April 28
Loeb Winternitz Industrial Auctioneers and Yellen Partners announced this week that they will be conducting a two day auction to liquidate the assets from Balmoral Racing Club, Inc. and Maywood Park Trotting Association, Inc. The auction will take place online April 27 and 28.
Loeb Term Solutions Provides Financing on Over $7.4 Million Dollars' Worth of Industrial Equipment
Loeb Term Solutions provided financing of over $7,400,000 dollars' worth of equipment to a Southeast metalworking facility which has experienced substantial growth over the past 8 years. The financing is helping the facility, which specializes in steel and aluminum mounting products for the solar industry, restructure their debt and refinance the existing leases on their machinery.
Chicago-based lender, Loeb Term Solutions, closed January by financing over $6,800,000 dollars' worth of industrial machinery and equipment. The financing is helping a coal mining operation, a southeast plastics manufacturer, and an oilfield construction firm expand their businesses in order to meet the demands of their industries.
Loeb Welcomes Tim Serritella to the Team as Vice President of Business Development
Loeb is pleased to announce the addition of Tim Serritella to the team as Vice President of Business Development. He joins the rest of the Loeb team in focusing on expanding the company's equipment-based lending portfolio, appraisal services, and off-lease remarketing services.
"Tim's addition to the team is an exciting one as Loeb continues its expansion in the marketplace," stated Jim Newman, Loeb Term Solutions Managing Partner. "We've previously worked with Tim on deals together and when the opportunity to add him to the team presented itself, we jumped at it. I can't wait to see what we can do together."
Loeb Expands Operations in the Midwest and Opens an Office Outside of Detroit
Loeb recently expanded its operations within the Midwest when it opened its Detroit office earlier this month. The office will house a team focused on used machinery and equipment sales as well as business development for related services such as term loan financing, appraisals, and auction services.
Loeb Term Solutions Participates in the Funding of Over 40 Million Dollars in Equipment Financing
Loeb Term Solutions recently participated in funding over 40 million dollars of industrial assets with a term loan providing working capital to a Southern heavy civil construction company.
Matador Processors USDA Food Processing Facility Sold as a Complete Operation
Loeb Winternitz Industrial Auctioneers is pleased to announce that the assets from Matador Processors USDA food processing and packaging facility has been sold as a complete operation. The new owners will take up operations in the Blanchard, Oklahoma facility within the next few weeks.
Loeb Term Solutions Welcomes Eric Grozenski to the Team as a Business Development Officer
Loeb is pleased to announce the addition of Eric Grozenski to the Loeb Term Solutions team as its newest Business Development Officer. He joins Jim Newman, Managing Partner, and the rest of the team in focusing on expanding the financial arm's equipment-based lending portfolio.
"Eric's addition to the team comes at a time of considerable growth for the company," stated Jim Newman, Loeb Term Solutions Managing Partner. "In the past 18 months, Loeb Term Solutions experienced significant growth in our lending portfolio and we are expanding our team as well."
Chicago-based lender, Loeb Term Solutions, closed February by financing another $7,800,000 dollars worth of industrial machinery and equipment. The financing will help an oilfield support company, an oil drilling equipment supplier, a technology manufacturer, a steel fabrication facility, and a plastics manufacturer.
"With all of these fundings we're helping the companies leverage working capital from their existing assets in order to expand operations," stated Jim Newman, Loeb Term Solutions' Managing Partner. "LTS' expertise in all facets of industrial equipment makes us uniquely positioned to quickly and efficiently lend on machinery that traditional lenders often choose not to finance."
On the heels of a record funding year for Loeb Term Solutions, the Chicago-based lender has closed January by financing another $9,000,000 dollars worth of industrial machinery and equipment. The financing will help a global textile company open a new US facility and two plastics manufacturers expand their businesses during a time of growth.
"Our equipment term loans were initially conceived to help companies just like these three," stated Jim Newman, Loeb Term Solutions' Managing Partner. "With our extensive history in manufacturing equipment and our machinery knowledge, we are uniquely positioned to help companies needing to leverage working capital from their existing assets in order to expand their operations."
Loeb Winternitz Industrial Auctioneers Awarded IAA's 2014 Top Marketing Award
The Industrial Auctioneers Association (IAA) presented its 2014 Marketing Award to Loeb Winternitz Industrial Auctioneers for their successful marketing and sale of the assets from Green Mountain Coffee Roasters.
In May of 2014, Loeb Winternitz Industrial Auctioneers in partnership with TCL Asset Group, sold the assets from Green Mountain Coffee Roaster's North York, Ontario roasting and packaging facility. An extensive international marketing campaign was executed, and within a matter of weeks Loeb Winternitz was able to negotiate sale of the facility as an ongoing concern. The new buyer of the facility resumed operations of the specialty coffee production lines within ninety days, saving many jobs in the process.
Loeb Term Solutions recently funded 8 million dollars to a West Coast metalworking facility specializing in aerospace components.
The term loan provided the working capital necessary to restructure the firm and reassume a majority holding of stock in the firm. Headquartered in the US, but with global capabilities in Mexico and the United Kingdom, the client is a leading manufacturer of high-precision, close tolerance, large-scale, flight critical components and tooling for the commercial aerospace, defense, space and industrial markets.
As the lead participant in a syndicated financing deal, Loeb Term Solutions recently partnered in funding over 12 million dollars in equipment term loan financing. The term loan will provide the working capital necessary to solidify the acquisition of a Midwest metalworking company to new owners.
As the lead participant, Loeb Term Solutions worked directly with the borrower, their management team, and corporate advisors, structuring the deal from the initial stages through to completion and providing $4,000,000 toward the final funding amount.
Loeb Winternitz Successfully Sells the Assets from the Wisconsin Facility to Strategic Buyer
Loeb Winternitz Industrial Auctioneers is pleased to announce that the assets from Imperial Mills LLC Platteville Gluten-Free flour and bake mix milling and packaging facility has been sold as a complete operation. As a result, the piecemeal equipment auction planned for October 28th was cancelled. The strategic buyer is now in the process of moving the entire operations to their existing facility. The move should be completed within the next few weeks, and have the operations up and running by the end of the year.
Green Mountain Coffee Roasters North York Roasting & Packaging Facility Sold as a Going Concern
Loeb Winternitz in partnership with TCL Asset Group Successfully Sells Assets from Keurig Green Mountain's Ontario Plant to Mountain View Coffee
Loeb Winternitz Industrial Auctioneers in partnership with TCL Asset Group is pleased to announce that the assets from Green Mountain Coffee Roaster's (Keurig Green Mountain NASDAQ: GMCR) North York, Ontario roasting and packaging facility has been sold as an ongoing concern. As a result, the auction planned for May 28th, will not take place. Mountain View Coffee will take up operations in the facility within the next few months and will resume production of their specialty coffees.
Loeb Winternitz Industrial Auctioneers is pleased to announce that the assets from AnaCon Foods' wheat germ and extruded snack facility has been sold as an ongoing concern. As a result, the auction originally planned for April 29th, was canceled.
AnaCon Foods was previously manufacturing nut-substitute snack foods made from wheat germ that contained no actual nut ingredients. It was also manufacturing flavor-particulate products for use by other food manufacturers as extenders or as replacements for nut pieces, natural fruit, and sweet flavor bits.
Loeb Term Solutions Welcomes Dave Wanders to Team as New Business Development Officer
Loeb is pleased to announce the addition of Dave Wanders to the Loeb Term Solutions team as its newest Business Development Officer. He joins Jim Newman, Managing Partner and the rest of the team in focusing on expanding the financial arm's equipment-based lending portfolio.
"Dave's addition to the team comes at a time of growth for the company," stated Jim Newman, Loeb Term Solutions' Managing Partner. "In just three short years we've grown a considerable portfolio of equipment-based deals funded with significant growth potential in 2014."
Since 2010, Loeb Term Solutions has provided funding on over $40 million dollars' worth of industrial machinery within the food, pharmaceutical, chemical, cosmetic, metalworking, and woodworking industries. The company's asset-based lending division offers specialty financing for the industrial marketplace with funding amounts ranging from $300,000 to $5,000,000.
Loeb Donates to Red Cross in Support of Southern Illinois Tornado Relief this Holiday Season
This November, a massive storm system swept through the Midwest, leaving widespread destruction in its wake. Hundreds of thousands were affected by these storms including friends and family of Loeb employees.
The company wanted to help with the ongoing support of Southern Illinois this holiday season as they continue to recover and rebuild. By donating to the Red Cross, they are mobilizing relief workers and helping to stock shelters with greatly needed food and supplies.
Loeb Winternitz Industrial Auctioneers announces the On-Going Concern sale of the Awrey Bakeries to a new operating company and will re-open March 2013. As a result, the 2-day auction planned for February 20th and 21st, will not take place.
Awrey officials notified the auction group of an offer submitted at the eleventh hour to avert the break-up of the company. The offer was negotiated by Awrey officials, its consultants, attorneys and professionals. The on-going concern sale is expected to close immediately.
"We are very pleased to have provided Awrey with our assistance during these crucial hours," said Charles Winternitz, President of Loeb Winternitz. "It's not an easy process when you are up against the clock. They have exceptional equipment and a substantial customer base, and we hope they have an easy transition in re-opening the facility. This is a great opportunity for the new owners of Awrey Bakeries, the employees of Awrey and the City of Livonia. We wish everyone much success!"
Loeb Donates to Red Cross in Support of Hurricane Sandy Relief this Holiday Season
In the wake of Hurricane Sandy, Loeb wanted to help with the ongoing support of the east coast as they continue to recover from the storm. By donating to the Red Cross this holiday season, the company mobilizing relief workers and helping to stock shelters with greatly needed food and supplies.
In honor of its employee's volunteer efforts, Loeb has made charitable donations to two Chicago-based children's organizations this holiday season; The Children's Heart Foundation and Big Brothers Big Sisters of Metropolitan Chicago.
As a 5th generation family owned company, Loeb has a long-established history of helping children. This year the company has donated to two organizations particularly near and dear to the hearts of their employees who also donate their time.
"We're extremely grateful to our customers and partners," states Howard Newman, Loeb's President. "Their continued business in 2011 has made these donations possible and as a result we're making a difference in many children's lives. It's with added pleasure that I get to hear from my employees the impact our donations have on the children they encounter."
Loeb's Donation of Warehouse Space Will Help Expand Local Charity's Book-giving Efforts
Bookwallah Organization is proud to recognize Loeb for the donation of warehouse space for Bookwallah's book collection, sorting, and distribution activities.
"By helping this young organization at this critical stage, we know our gift is making a tremendous difference to children around the world and will lead the path to Bookwallah's success," said Loeb president, Howard Newman. "We're honored to be able to donate our resources."
Bookwallah is a 501(c)(3) non-profit organization whose vision is to transform the lives of children who have undergone hardship by "sharing the gift of imagination". The mission is to collect and distribute children's storybooks, set up libraries, and spread the joy of reading to children of children's homes and orphanages around the world.
To celebrate Loeb's 130th anniversary of family tradition of assisting customers with reusing industrial machinery, the company is taking their green values to the next level and offsetting the carbon footprint for each piece of equipment sold, for each appraisal engagement, finance deal funded, liquidation and auction held. Their goal by the end of the year is to reach a carbon offset of 130 acres of Rainforest conservation that they will sponsor through the World Land Trust – US.
The Newman family has been in the business of reusing, reconditioning, and recycling used packaging and processing machinery since 1880 when Harry Newman first established Newman Tallow & Soap Machinery. Now in its fifth generation of family ownership, Harry's great-great grandson Howard, is committed toward making a difference for future generations through the company's green efforts...
Robert D. Newman, Patriarch of Newman Family and Retired President of Loeb, Passes Away at 87
Robert D. (Bob) Newman former owner and retired president of Loeb passed away Sunday, January 18, 2009 at his home in Florida. Bob was the father of Loeb ambassador James L. Newman and grandfather of current Loeb president, Howard M. Newman.
Bob was the third of five continuous Newman generations in the used manufacturing equipment industry when he joined Newman Tallow & Soap Machinery in 1946. In 1953, he acquired Loeb Equipment and Supply Company which he ran with his father Irwin, later forming an appraisal division called Newman Industrial Machinery Service...
An Era Comes to an End: Jay's Potato Chip Auction to be Held in Chicago
On January 24th, 2008 eighty years of potato chip manufacturing on Chicago's south side will come to a close with the public auction sale of equipment from Jays Foods manufacturing headquarters on East 99th Street. This announcement follows the bankruptcy court's acceptance of a $24.8 million bulk sale of the majority of the firms assets to another party.
The Jays brand has always been considered a quality snack product throughout Illinois, Indiana, Wisconsin, Missouri, Minnesota and Iowa. Unfortunately, even with a 60% market share in the ready-to-eat popcorn category in these states, Jays flagship manufacturing plant could not offset the rising costs of cooking oils, raw materials, energy, and labor costs - all while competing with snack food giant Frito Lay (which has nearly 70% market share nationwide)...
View the Complete Story Online at PotatoPro.com ›
In order to save a chocolate factory, and the local economy of a small New York town, Jim Newman, president of Loeb Equipment & Appraisal Company, a Chicago-based leader in the buying, selling and appraising of packaging and processing equipment, orchestrated two critical deals on behalf of Nestle. The resulting transactions saved more than 500 jobs in Fulton, New York, and garnered praise from New York Senators Hillary Clinton and Chuck Schumer, as well as Governor George Pataki.
In May of 2003, Nestle had announced it would close its Fulton-based factory. By closing the site of one of Nestle's oldest locations, originally opened in 1898, 580 jobs stood to be lost. The close-knit community of Fulton, New York, feared that the hundreds of potential layoffs would be devastating to the local economy...
For Loeb, Helping Children is its Own Reward
Companies that share their wealth know the rewards philanthropy brings: industry-wide goodwill. According to Newman, spreading the word about Loeb's philanthropy creates an industry-wide image that sets the company apart.
"Our industry is a predominantly male field -- buying, selling, packaging and processing equipment for various segments of the food, chemical, pharmaceutical and cosmetic industries," she explains. "So we're always glad to find a way for people -- within the organization, and those whom we do business with -- to feel they're a part of what we do as a company to make a better world...
Media Inquiries
For all trade publication and media inquiries, please contact:
Sara Bogin
Marketing Director
(773) 496-5707
sarab@loebequipment.com
