Angelo, Gordon & Co.’s Net Lease Group Completes $34.3 Million
Sale-Leaseback with Consolidated Container Company
NEW YORK (Business Wire EON/PRWEB ) December 16, 2008 --
Angelo,
Gordon & Co.'s ("Angelo Gordon") dedicated Net Lease
Group ("AG
Net Lease") announced today that it acquired five of
Consolidated Container Company’s (“CCC”) manufacturing and distribution
facilities located in Santa Ana, CA, Tracy, CA, Baltimore, MD,
Elizabeth, NJ, and Monroe, NJ for $34.3 million. CCC is a portfolio
company of New York-based Vestar Capital Partners.
Consolidated Container Company, which was formed in 1999, is a leading
North American developer, manufacturer and marketer of rigid plastic
containers for many of the largest branded consumer products and
beverage companies in the world. CCC has long-term customer
relationships with many blue-chip companies, including Dean Foods,
Nestle Waters North America, The Procter & Gamble Company and The Scotts
Company. CCC serves its customers with a wide range of manufacturing
capabilities and services through a network of sixty-five strategically
located manufacturing facilities throughout the United States and three
manufacturing facilities in Mexico and Canada.
Teddy
Kaplan, Managing Director and co-manager of AG
Net Lease, commented, “Consolidated Container is a leader in the
rigid container space, with a blue chip customer base and world class
management. We are thrilled CCC and Vestar chose to work with AG
Net Lease on this transaction.”
"Like other financing alternatives, the availability of capital for
sale-leasebacks is severely constrained today," said Gordon
J. Whiting, Founder and Chief Portfolio Manager of AG
Net Lease. "As this deal shows, we continue to close complex
transactions with leading sponsors and their portfolio companies. We
will remain very active closing sale-leasebacks in the remainder of the
year and throughout 2009."
Jim Kelley, President of Vestar Capital Partners, said, “This is the
second time we have partnered with AG
Net Lease for sale-leaseback financing. They have demonstrated
superior execution skills and we look forward to working with the team
in the future.”
About Angelo, Gordon & Co. and AG Net Lease
Angelo, Gordon & Co. was founded in 1988 and, with its affiliates, has
approximately $15 billion under management. Currently, the firm’s
investment disciplines encompass four principal areas: (i) distressed
debt and leveraged loans, ii) real estate equity and debt, (iii) private
equity and special situations and (iv) multi-strategy. Angelo, Gordon &
Co. employs approximately 100 investment professionals and is
headquartered in New York, with associated offices in London, Los
Angeles, Chicago, Boston, San Francisco, Hong Kong, Seoul, Shanghai,
Singapore, Tokyo and Amsterdam.
AG Net Lease is comprised of a team of experienced professionals
committed to providing sale-leaseback financing to financial sponsors
and their portfolio companies across a range of industries. AG Net Lease
is actively providing sale-leaseback financing and purchasing net leased
corporate real estate in the U.S. and abroad in transactions ranging
from $5 million to $300 million. We believe AG Net Lease’s unparalleled
credit and real estate underwriting expertise, coupled with its unique
funding platform, ensures highly competitive pricing and speed of
execution to tenants and sponsors. Additional information on AG Net
Lease can be found at www.angelogordon.com/netlease.
About Vestar Capital Partners
Vestar Capital Partners is a leading international private equity firm.
The firm’s investment strategy is targeted towards companies in the
U.S., Europe and Japan with valuations in the $100 million to $5 billion
range. Since the firm’s founding in 1988, the Vestar funds have
completed over 65 investments in companies with a total value of over
$30 billion. These companies have varied in size and geography and span
a broad range of industries. The firm’s strategy is to invest behind
incumbent management teams, family owners or corporations in a creative,
flexible and entrepreneurial way with the overriding goal to build
long-term franchise value. Vestar currently manages funds with committed
capital totaling approximately $7 billion and has offices or affiliates
operating in New York, Denver, Boston, Paris, Milan, Munich and Tokyo.
More information about Vestar is available at www.vestarcapital.com.
About Consolidated Container Company
Consolidated Container Company, which was formed in 1999, is a leading
North American developer, manufacturer and marketer of rigid plastic
containers for many of the largest branded consumer products and
beverage companies in the world. CCC has long-term customer
relationships with many blue-chip companies.
CCC serves its customers with a wide range of manufacturing capabilities
and services through a nationwide network of sixty-five strategically
located manufacturing facilities and a research, development and
engineering center located in Atlanta, Georgia. Additionally, CCC has
three international manufacturing facilities in Canada and Mexico.
See the original story at: http://eon.businesswire.com/releases/net_lease/ag_net/prweb1759254.htm
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