Sazerac Acquires Former General Mills Plant
(photo courtesy New Mill Capital Holdings and Tiger Group)
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowLouisiana-based Sazerac Co. Inc. has made the first step in its recently-announced plans to locate a new alcohol bottling facility in Indiana. The company has purchased the former General Mills plant in New Albany for an undisclosed sum, a move that is part of an overall $66 million investment that is expected to create up to 110 jobs by 2021.
A joint venture between New Mill Capital Holdings LLC and Tiger Group sold the facility to Sazerac. The 455,000-square-foot plant closed in 2016 and the joint venture acquired it later that year in order to clear it out and make it more marketable to its next user.
"We couldn’t be more excited to help facilitate Sazerac’s expansion into Indiana through its purchase of the former Pillsbury plant," said Tom Murray, a principal at NMCH, "When we acquired this plant in late 2016, we knew we’d have our work cut out for us. But in partnership with the city of New Albany, One Southern Indiana, the Indiana Economic Development Council and our commercial brokers, we worked tirelessly as a team to ready this plant for its next phase and to put it in a position to best attract a company of Sazerac’s caliber. We are thrilled with the economic impact this operation will have on the surrounding community and look forward to seeing Sazerac thrive here in the years to come."
When the project was first announced last month, Sazerac said it would renovate and equip the facility, which is expected to begin operations by the end of the year with 50 new employees. The company has been offered various incentives from the Indiana Economic Development Corp. and the New Albany City Council.