The joint transaction, which included all equipment in the plant, closed on February 12, 2016, for an undisclosed price.
An auction of the plant's equipment is scheduled for early May 2016.
"The capability and quality of the manufacturing lines and support equipment available in Fredericksburg will make this auction sale a highly attractive event for potential buyers in the flexible packaging vertical," said Eric Weiler, principal, New Mill Capital Holdings.
The plant is currently available for sale or lease through Virgil Nelson of Cushman & Wakefield—Thalhimer.
"This acquisition epitomizes the strategy of our joint venture, which is to purchase first-class industrial plants on a turnkey basis for the purpose of remarketing the assets," said Jeff Tanenbaum, president, Tiger Capital Group's Remarketing Services division.
"We look forward to a successful auction sale and to working with the Fredericksburg community to put another user into the vacant space."