Heritage Global Inc. (NASDAQ: HGBL) is a renowned asset-based market maker which provides result driven solutions to industrial & financial institutions through its two main business units; Industrial Assets and Financial Assets. The synergy between these two business units define the “Legacy of Asset Solutions” dating back to 1937.
Defined through three revenue streams:
Heritage Global Partners (“HGP”)
Heritage Global Valuations (“HGV”)
American Laboratory Trading (“ALT”)
HGP is a full-service auction, liquidation and asset advisory firm which holds a prominent spot in the industrial sector globally
HGV specializes in the valuation of industrial assets, machinery and equipment
ALT provides surplus strategy services for recovery, refurbishment and resale of assets in the life sciences industry
Defined through two revenue streams:
National Loan Exchange (“NLEX”)
Heritage Global Capital (“HGC”)
NLEX is a leading Sale Advisor for creditors to monetize financial assets ranging from performing to defaulted accounts thru its loan sale process
HGC provides flexible funding structures for all asset classes while specializing in buyers who are looking to acquire financial portfolios
A LEGACY OF LEADERSHIP FOR OVER 80 YEARS
Ross Mercantile Company Founded
It all starts in 1937 as Harry Ross establishes “Ross Mercantile Company“ in a small warehouse in San Francisco. His goal is to only service the local clientele. Harry, a former boxer, works hard and builds a solid reputation in the city by the Bay.
Ross-Dove Company (“RDC“)
Harry’s son-in law, World War II veteran Millard Dove, joins the Ross Mercantile Company. As a result of their alliance, “Ross-Dove Company” is born. Harry and Millard are known for running a successful and well-respected regional firm with a handshake. Their promise: “Always treat the customer with kindness, respect, and above all, dignity.“
Central Eureka Mine Auction
A public auction by Harry Ross and Millard Dove for the Central Eureka Mine in Amador County, CA “Gigantic Public Auction Sale“.
Beale Air Force Base Auction
Ross-Dove Co. conducts the first surplus auction for the Government on the Beale Air Force Base.
Government Land Auctions
Ross-Dove Co. conducts record land auctions for the US Government.
Ross Dove Joins Ross-Dove Company
Millard’s oldest son Ross Dove joins the family business to help carry on the legacy.
Osborne Computer Company Sale
Ross-Dove Co. conducts landmark sale of Osborne Computer Company.
Kirk Dove Joins Ross-Dove Company
Millard’s younger son Kirk Dove joins his brother (Ross) to carry on the family legacy.
Xerox corporation contracts with Ross-Dove Co. to auction over 20 million dollars in new personal computers and printers.
Auctioneering becomes Big Business
A back-roads practice gets on the expressway as the Ross-Dove Co. continues to get the best prices for its client’s assets.
Rojon Electronics Auction
Ross-Dove Co. is hired by Rojon Board of Directors to sell the assets in Poughkeepsie, NY.
Celebrating 50 Years
Ross-Dove Co. celebrates 50 years in the auction business and is recognized by the largest brands and corporations to conduct auctions.
Mindset Corporation Auction
In 1984, Mindset Corp. was the toast of Silicon Valley and in 1987 its assets hit the auction block to be sold by Ross-Dove Co.
Decision Industries Auction
Ross-Dove Co. conducts an auction for Decision Industries of Horsham.
Financial Assets Inception
Ross-Dove Co. launches a division to create an open market for distressed financial assets. The division will later (in 1998) be registered as National Loan Exchange “NLEX“. The financial assets that will go to auction will include: real estate, consumer, student and automobile loans, credit card accounts and equipment lease portfolios.
Federal Deposit Insurance Corp. “FDIC“ Auction of Financial Assets
Ross-Dove Co. conducts an auction of loans acquired through FDIC bank closings in Kansas, Missouri and Nebraska. The package to include performing and non-performing loans of all types, ranging from real estate and commercial to energy loans.
Liberty Service Corp. Auction of Financial Assets
Ross-Dove Co. conducts the largest distressed financial asset auction consisting of $200M+ in credit card portfolios, consumer finance and FDIC Assets.
Drexel Burnham Lambert Auction
Ross-Dove Co. conducts historic auctions for Drexel Burnham Lambert.
General Dynamics Auction
Ross-Dove Co. auctions everything from Apple II computers and office desk to thousand of pounds of titanium and a $2-million robotics assembly line.
Resolution Trust Corporation “RTC“ Auction
Ross-Dove Co. conducts the auction of 175 Commercial real estate properties for Federal Deposit Insurance Corp.
Largest FDIC Auction
Ross-Dove Co. conducts world’s largest auction sale for the FDIC.
Ross-Dove Co. conducts multimillion dollar auction sales for Apple.
Mycro-Tek Bankruptcy Auction
The bankrupt computer-systems developer had plenty of trouble selling products but assets sold fast and furiously, frequently at premium prices at the auction conducted by Ross-Dove Co. in March of 1993.
Investors acquire interest; Company’s name changes to “Koll-Dove”.
Dove Brothers Formed and Ross Dove is Featured on Forbes Magazine’s Global 2000 Cover, The “E“ Gang
Ross and Kirk Dove re-acquire the firm and change the name to “Dove Brothers”. During their tenure at Dove Brothers, they build acceptance of the auction industry by the world’s largest companies, Forbes Magazine’s Global 2000, and eventually conduct events for numerous global corporations. The techniques and strategies they develop are unique to the industry and far ahead of their time.
National Loan Exchange “NLEX“ Registered
The Financial Assets division is registered in Delaware as National Loan Exchange “NLEX“.
National Loan Exchange “NLEX“ Divested
Dove Brothers divests the National Loan Exchange division known as NLEX to David Ludwig, president, who advances the new company into a leading loan sale advisor of charged-off and nonperforming financial asset portfolios.
Early Pioneers of Webcast Auctions
Dove Brothers develop the technology to broadcast their own auctions over the internet, combining the bidder’s voice thru a daily bridge phone line, while internet bidders simultaneously viewed the assets on their computers. The technology was developed in collaboration with Quest Communications. While watching the assets pop up on the website, off-site buyers would use their phone keypads to bid; pressing 1 to bid and 2 to pass. This was revolutionary since people no longer needed to travel to the auction site to place a bid.
Ross and Kirk’s early pioneering of asset management and cross border marketing has seen countless efforts at duplication over the decades that followed. As early adopters of the Internet, in 1999 they re-brand the business to “DoveBid”.
Ross and Kirk raise over $150 million dollars in venture capital from Silicon Valley’s preeminent firms. The innovation of DoveBid and its pioneering spirit lead to many of today’s industry standards, including online auctions, webcast auctions, email campaigns, SEO, and virtual auction marketing, among other countless developments. DoveBid auctions during this period include Enron, Webvan, Excite, Napster, Global Crossing and many others.
Xerox Inkjet Auction
DoveBid sells 15,000 items that relate to Xerox’s inkjet plants, including the company’s entire 52,000 sq. ft. inkjet parts factory in Dundalk, Ireland.
DoveBid conducts series of multi-million dollar auctions of Enron’s assets, including the Big “E“ which sells for $44,000.
Aura of Enron brings out high bidders at auction… Read More
Longview Aluminum Auction
DoveBid conducts the Longview Aluminum auction of 4,000 items to raise money for the bankruptcy trustee who will use the funds to pay off creditors.
DoveBid is acquired by GoIndustry and changes name to “GoIndustry-DoveBid”.
Heritage Global Partners (“HGP”)
Ross and Kirk depart Go-Dove and the family legacy is re-launched as “Heritage Global Partners”. Their mission: to bring world leading best practices, technology, strategy, execution and results to the marketplace.
A new generation of Dove’s join the family business to carry on the legacy.
2009 – Alex Dove, Ross’s oldest son, joins as Director of Field Operations
2010 – Grayson Dove, Ross’s younger son, joins as Director of Auction Operations
2012 – Nick Dove, Kirk’s son, joins as Director of Sales
HGP conducts first auction for Amgen (75+ to follow).
Heritage Global Partners expands by launching Heritage Global Valuations, an appraisal and valuation division specializing in machinery, equipment and industrial inventories.
Amway Arena Auction
Heritage Global Partners conducts the Amway Arena auction selling all assets including seats and player lockers.
HGP conducts the Honolulu Symphony auction selling two concert grand pianos, expertly maintained and used by some of the greatest artists in the world. A harpsichord. A set of timpani, a snare with flare, a set of sacred pahu drums, a room full of sheet music, much of it the work of the islands’ top musicians and thousands of other items.
HGP conducts yet another historical auction, Solyndra’s bankruptcy auction.
Counsel RB Capital, Inc.
Heritage Global Partners is acquired by Counsel RB Capital, Inc., (OTCBB: CRBN) a division of Counsel Corporation.
Digital Domain Auction
HGP conducts an auction for Digital Domain selling more than 1,000 items.
HGP conducts first auction for Pfizer (100+ to follow).
Counsel RB Capital Inc. is re-branded: “Heritage Global Inc.” is born. Stock symbol switches to HGBL.
America’s Cup Auction
HGP conducts series of auctions to sell surplus assets to the conclusion of the World Renown 2013 America’s Cup Race.
Canadian Securities Exchange (CSE: HGP)
Heritage Global Inc. lists shares on the Canadian Securities Exchange (“CSE”).
National Loan Exchange, Inc. (“NLEX”) Acquired Back
Heritage Global Inc. acquires National Loan Exchange, Inc. (north America’s leading charged-off consumer receivables broker) back into the HG family from David Ludwig who remains the president of the NLEX revenue stream.
Counsel Corporation Dividend
Counsel Corp. dissolves its ownership in Heritage Global Inc. by dividending its shares out to Counsel Corporation shareholders.
HGP and partners conduct famous Redhook Brewery auction.
Redhook Brewery’s Woodinville Facility Heads to Auction… Read More
Heritage Global Capital (“HGC”)
Heritage Global Inc. launches “Heritage Global Capital” to provide specialty financing solutions to small and medium sized investors in charged-off and nonperforming financial asset portfolios and other asset-based classes.
Nasdaq Stock Market LLC (NASDAQ: HGBL)
Heritage Global Inc. announces approval of uplisting to the Nasdaq Stock Market LLC.
Nick Dove, formerly Executive Vice President of HGP, is promoted to President of the Industrial Assets business unit, while David Ludwig, previously President of NLEX, is promoted to President of the Financial Assets business unit.
American Laboratory Trading (“ALT”)
Heritage Global Partners acquires “American Laboratory Trading”, one of the largest suppliers of premium refurbished lab equipment in North America and a key provider of surplus asset services for the life sciences.
Legacy of Asset Solutions
Heritage Global Inc. (NASDAQ: HGBL) is a renowned asset-based market maker which provides result driven solutions to industrial & financial institutions through its two main business units; Industrial Assets and Financial Assets. The synergy between these two business units defines the “Legacy of Asset Solutions” dating back to 1937.