Heritage Global Inc. plans to outsource the origination and execution services provided by unit Equity Partners HG in a bid to improve operating efficiencies.
Ken Mann, senior managing director at the unit, and his team will transfer to a separate entity from Heritage Global at the end of 2019. Equity Partners, which has completed nearly 600 distressed M&A deals in its history, will still participate in deals involving distressed assets, Heritage Global said.
Heritage Global, a unit of Street Capital Group Inc., expects to record a noncash goodwill impairment charge of about $600,000 due to the plan. It does not expect any other material financial impact from the transaction.
