Heritage Global Valuations (HGV), a division of Heritage Global Inc. (NASDAQ: HGBL), has appointed Ray Chen to spearhead business development initiatives in the Midwest, the company announced Thursday.

The move is part of HGV’s broader strategy to expand its market reach and enhance client engagement across key regions. Chen, who joined HGV in 2022, will lead efforts to drive new business while continuing to serve as an inventory appraiser for the firm.

“I’m excited to take on this expanded role and focus on strengthening relationships with financial institutions, corporations, and industry partners throughout the Midwest,” Chen said in a statement. “HGV has a strong reputation for delivering best-in-class asset solutions, and I look forward to growing our presence in the region and providing our clients with strategic valuation and monetization expertise.”

Chen brings nearly a decade of experience in asset valuation and advisory services, having previously worked at a nationally recognized appraisal and liquidation firm. He also held roles as a finance manager and financial analyst, developing deep expertise in corporate finance, strategic analysis, and valuation methodologies.

Michael Aho, executive vice president of HGV, praised Chen’s leadership and analytical skills, emphasizing his role in the company’s expansion efforts.

“Ray’s exceptional analytical skills and commitment to delivering high-quality valuation services make him an invaluable asset to our team,” Aho said. “His leadership will not only drive HGV’s growth in the Midwest but also support Heritage Global Inc.’s broader mission of providing top-tier asset solutions to our clients nationwide.”

HGV specializes in the valuation of commercial and industrial assets, including machinery, equipment, and inventory. The company leverages a proprietary database, market analyses, and industry relationships to provide accurate and strategic asset appraisals.

Mike Goldstein, executive managing director of HGV, said Chen’s client-focused approach will be instrumental in expanding the firm’s reach.

“Ray’s dedication to building strong relationships and understanding clients’ unique challenges makes him a key driver of our growth strategy,” Goldstein said.

Chen holds a Bachelor of Science in Finance and Economics from DePaul University. His expertise spans multiple industries, including industrial manufacturing, food processing, and e-commerce.

Heritage Global Valuations is part of Heritage Global Inc., which provides acquisition, disposition, valuation, and lending services for surplus and distressed assets. The firm plays a role in the circular economy by facilitating the reuse and resale of industrial and financial assets.