WASHINGTON, Feb. 21, 2018 /PRNewswire/ -- Height Securities,
LLC ("Height") served as sole financial advisor to Phillips 66 (NYSE: PSX) and its wholly-owned
division Phillips 66 Spectrum
Corporation, on the sale of its lubricants and packaging facility
in Waukesha, WI. The transaction
closed February 16th,
2018, and the assets were purchased by PLOGIX, LLC, based out of
Milwaukee, WI for an undisclosed
price.
"We were pleased to be able to work with the Phillips 66 Spectrum team to facilitate the
divestment of its Waukesha
facility through a tailored process designed to maximize the value
for the facility," said Michael
Grabenstein, Senior Vice President and Director of
Investment Banking at Height Securities. "We were very impressed by
the professionals at Phillips 66
and were thankful to have had the opportunity to work
together."
Selmer, Tennessee-based
Phillips 66 Spectrum Corp. was
acquired by Phillips 66 in 2014.
It blends, packages and markets specialty lubricants and chemical
additives for an international client base. In addition to
retaining all existing employees, PLOGIX LLC's affiliate, Pack
Logix Inc., intends to hire another three or four employees at the
40,000-square-foot Waukesha
facility, as well as another four to six in Milwaukee.
About Height Securities:
Height Securities is a Washington-based investment firm founded in
2009. Our core team has provided industry-leading research since
the early 2000s to institutional investors with positions in
companies and sectors with significant regulatory exposure. The
Height team has a well-established reputation for assisting clients
in effectively navigating regulatory, macroeconomic, and
geopolitical risks that impact investments and corporate operating
environments. In 2014, we launched our Investment Banking and
Advisory (IBA) group. From our headquarters in Washington, DC, we have a unique perspective
on financing opportunities for regulated industries, and have
become a leading financier and advisor in the space. Height
Securities, LLC is a broker-dealer registered with the Financial
Industry Regulatory Authority (FINRA) and the U.S. Securities and
Exchange Commission (SEC), and is a member of the Securities
Investor Protection Corporation (SIPC). For more information and
additional disclosures, please visit the Height Securities website,
at www.heightllc.com.
About Phillips 66:
Phillips 66 is a diversified
energy manufacturing and logistics company. With a portfolio of
Midstream, Chemicals, Refining, and Marketing and Specialties
businesses, the company processes, transports, stores and markets
fuels and products globally. Phillips 66 Partners, the company's master
limited partnership, is an integral asset in the portfolio.
Headquartered in Houston, the
company has 14,600 employees committed to safety and operating
excellence. Phillips 66 had
$54 billion of assets as of
Dec. 31, 2017. For more information,
visit www.phillips66.com or follow on Twitter at
@Phillips66Co.
About PLOGIX, LLC:
PLOGIX's affiliate Pack Logix is a diversified contract
packager, packaging distributor, fulfillment and logistics firm
with an international client base. It offers tube filling,
skin/blister/clamshell packaging and kitting for the industrial,
household, automotive, health care, pharmaceutical and personal
care markets. Its headquarters is at an 80,000-square-foot plant at
2501 W. Hampton Ave. in Milwaukee,
and the company is owned by Bruce
Moncrieff. It had 16 employees prior to the acquisition.
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SOURCE Height Securities