Sale-leaseback transactions continue to be an attractive financing option for companies, especially in the current credit environment
NEW YORK (PRWEB) March 31, 2008
IBML is a leading provider of high speed, intelligent document scanning hardware and software, as well as recurring support and maintenance services. Imaging Business Machines' ImageTrac product possesses open-track transports, inline software and pocketing capabilities. The company's software enables the execution of rules-based applications, the recognition of a wide variety of documents and the ability to send data collected from the scanning process to end users' back-end systems. IBML also provides support and maintenance to its extensive installed base of scanning equipment.
Teddy Kaplan, Managing Director and co-manager of AG Net Lease, commented, "We are thrilled to have worked with IBML and American Capital on this transaction. We believe that IBML's market leading technology and premium niche coupled with American Capital's strong sponsorship presents an attractive and particularly durable investment in this market."
"Sale-leaseback transactions continue to be an attractive financing option for companies, especially in the current credit environment," said Gordon J. Whiting, Founder and Chief Portfolio Manager of AG Net Lease. "We are uniquely well-capitalized in this environment, allowing us to close transactions on an all-cash basis and we look forward to working with management teams and sponsors on future deals."
Jeff MacDowell, American Capital Managing Director, said, "AG Net Lease provided an important source of capital that helped the company to reduce leverage and enhance its ability to pursue various growth initiatives. AG Net Lease was very professional and delivered an appealing financing package notwithstanding the turbulence in the capital markets."
About Angelo, Gordon & Co. and AG Net Lease
Angelo, Gordon & Co. was founded in 1988 and, with its affiliates, has approximately $18 billion under management. Currently, the firm's investment disciplines encompass four principal areas: (i) distressed debt and leveraged loans, ii) real estate, (iii) private equity and special situations and (iv) a number of hedge fund strategies. Angelo, Gordon & Co. employs over 100 investment professionals and is headquartered in New York, with associated offices in London, Los Angeles, Chicago, Boston, Hong Kong, Seoul, Shanghai 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 currently investing its first dedicated net lease fund which closed last year and will seek to purchase as much as $500 million of net leased corporate real estate in the U.S. and abroad with transactions ranging from $5 million to $200 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 http://www.angelogordon.com/netlease
About American Capital Strategies Ltd.
American Capital is the only alternative asset management company that is a member of the S&P 500. With $19 billion in capital resources under management, American Capital is the largest U.S. publicly traded private equity fund and one of the largest publicly traded alternative asset managers. American Capital, both directly and through its global asset management business, is an investor in management and employee buyouts, private equity buyouts, and early stage and mature private and public companies. American Capital provides senior debt, mezzanine debt and equity to fund growth, acquisitions, recapitalizations and securitizations. American Capital and its affiliates invest from $5 million to $800 million per company in North America and EUR 5 million to EUR 500 million per company in Europe.
About Imaging Business Machines LLC
Imaging Business Machines provides intelligent scanning technology for the most demanding document imaging applications, including mixed documents of different weights, sizes and compositions. The company's ImageTrac(R) Scanning Platform consists of the ImageTrac scanners, SoftTrac(R) user interface software with DocNetics(R) and professional services. ImageTrac scanners offer front and rear colour image capture, multiple image outputs, barcode, 2D barcode, ICR, MICR and multiple sort pockets. Every day, hundreds of ImageTracs capture millions of colour and bi-tonal images for our customers in 34 countries.