NEW YORK--()--Angelo, Gordon & Co.'s ("Angelo Gordon") dedicated Net Lease Group ("AG Net Lease") announced today that it acquired the headquarters and distribution facility of Conney Safety Products (“Conney”) located in Madison, WI for $6.7 million. Proceeds of the sale-leaseback transaction will be used by Conney for growth initiatives. Conney is a portfolio company of New York- based CI Capital Partners (formerly Caxton-Iseman Capital LLC) since October 2007.
“We closed this transaction in about 30 days, during one of the most tumultuous times for financial markets in history”
Conney is a full service national marketer of personal protective equipment, safety equipment, first aid supplies, and various other safety products. Founded in 1946 and headquartered in Madison, WI, Conney is recognized nationwide as a leading direct marketer of a broad range of safety equipment, providing its familiar catalog to businesses ranging from the smallest stores to the Fortune 500.
Teddy Kaplan, Managing Director and co-manager of AG Net Lease, commented, “Conney Safety Products is among the most recognized brands in workplace safety, an industry that stands to benefit from increased regulations and infrastructure spending. There is a Conney catalog on the plant manager’s desk of nearly every industrial facility we own. We are thrilled to have worked again with CI Capital, while gaining exposure to a market-leading business that is positioned well to succeed in a difficult economic environment.”
"We closed this transaction in about 30 days, during one of the most tumultuous times for financial markets in history," said Gordon J. Whiting, Founder and Chief Portfolio Manager of AG Net Lease. "It is this execution capability that we believe differentiates Angelo, Gordon in this continued period of great uncertainty and limited financing options for leveraged businesses. We will remain very active throughout 2009 providing reliable sale-leaseback financing solutions to quality sponsors like CI Capital and companies such as Conney."
Tom Ritchie, Principal with CI Capital Partners, said, “This is the second sale-leaseback we have closed with AG Net Lease in the past six months, and once again the AG Net Lease team provided valuable capital supporting the growth of one of our portfolio investments in a reliable and efficient fashion. We look forward to working with them again 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 http://www.angelogordon.com/netlease.
About CI Capital Partners
CI Capital Partners (formerly Caxton-Iseman Capital) is a leading private equity investment firm specializing in leveraged buyouts of middle-market companies located primarily in North America. The firm was founded in 1993 to invest private capital on behalf of Caxton Associates, a New York investment management firm. CI Capital Partners heritage has shaped a unique culture built around long-term equity investments and high integrity.
Since its inception, the firm’s investment activities have been managed by Frederick Iseman and Steven Lefkowitz who have invested together for 15 years. The CI Capital senior investment professionals consist of Messrs. Iseman and Lefkowitz, Timothy Hall, Thomas Ritchie, and Joost Thesseling who have worked together as a team for a combined 49 years at CI Capital. For more information, visit http://www.caxton-iseman.com.
About Conney Safety Products
Conney Safety Products is one of the largest specialty distributors of safety supplies, first aid supplies, industrial supplies, gloves, safety glasses and medications in the United States. The company features more than 12,000 stocked products supported by technicians highly experienced in OSHA requirements and product application and selection. Conney’s website and catalog are the most comprehensive and easiest to use in the safety products industry. To learn more about Conney Safety Products go to http://www.Conney.com.
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