Gordon Brothers Purchases Assets Formerly Owned by Expera in Old Town, Maine

MFGR LLC, a consortium made up of CRG Acquisition, Gordon Brothers Group, Rabin Worldwide and PPL Group, announced that they have purchased the Expera Mill in Old Town, Maine. The company made the strategic decision to wind down operations late last year as it faced what it described as unsustainable business conditions. The joint venture will begin marketing the assets for immediate sale over the coming weeks.

"We have had numerous inquiries since the former Expera Plant has been under contract with our group, including aqua culturists, transportation hubs, pulp manufacturing and developers," Bill Firestone, President of CRG, stated. "Given our group’s experience in this market, as well as the desirability of many of these assets, we see a large potential to make these unproductive assets productive again, particularly in view of the Bio Production/Green Chemical Research being conducted on the site by the University of Maine. We look forward to working closely with Municipal and State agencies in order to achieve our mutual goals," he added.Jeff Ryan is responsible for underwriting and portfolio management for Gordon Brothers Finance Company. Prior to joining Gordon Brothers Finance Company, Jeff worked as a senior analyst at US Bank. In this role he was responsible for financial analysis as well as portfolio management. Jeff began his career working as a Capital Markets Strategist at Deutsche Bank where he was responsible for analyzing global trends and fluctuations within the rates, credit, and FX markets. Jeff received a BA in Business, Entrepreneurship and Organizations from Brown University.

The assets include 400,000 square feet of warehouse buildings, a waste water treatment plant, a 16 MW bio mass boiler and approximately 300 acres of land with roughly another 4,000 feet of frontage on the Penobscot River.