Case Study: Great In Counters Sale Leaseback on Behalf of Cole Creek Capital

Ascension Advisory completed a sale leaseback of the Great In Counters' manufacturing facility in Providence, Rhode Island.

The transaction was executed in partnership with private equity firm Cole Creek Capital and closed simultaneously with the firm's acquisition of the Great In Counters business. By monetizing the company's real estate facility simultaneously with the business transaction, Cole Creek Capital generated incremental capital to support their acquisition and future M&A initiatives while allowing the business to continue operating under a new long-term lease agreement.

Founded in 2003, Great In Counters is a commercial countertop and hard surface fabrication company serving the Greater Boston and Southern New England areas. Operating from its Providence headquarters, the company fabricates and installs quartz, natural stone, and large-format porcelain for commercial, multifamily, healthcare, institutional, and residential projects.

Transaction Approach

Ascension structured and executed the sale leaseback of the Great In Counters 49,505-square-foot manufacturing facility in Providence, Rhode Island. The property serves as the company's headquarters and houses fabrication, slab storage, warehouse operations, installation logistics, and showroom space, making it central to the company's operations.

Because the sale leaseback was a key component of the acquisition's financing structure, Ascension coordinated the real estate process concurrent with the M&A process, which involved the organization of multiple complex workstreams. 

Ascension's investor outreach process highlighted the strength and long-term history of the operating business, the mission-critical nature of the manufacturing facility, and the property's strategic location serving the Greater Boston market in order to drive a competitive process and maximize value for Cole Creek Capital.

The transaction resulted in a new long-term absolute triple-net lease with annual rent escalations, allowing Great In Counters to retain operational control of the facility for the long-term, while providing the real estate investor with stable cash flow.

Outcome

By integrating the sale leaseback into the M&A transaction, Cole Creek Capital was able to generate incremental proceeds to help facilitate the acquisition, maximizing their financing structure and ensuring long-term occupancy of the strategic manufacturing facility. For the real estate investor, the transaction provided a mission-critical manufacturing asset leased to an established commercial fabrication business under a long-term absolute NNN lease.

The transaction demonstrates how Ascension Advisory helps private equity firms incorporate sale leasebacks into their business acquisitions, creating an additional source of acquisition capital while preserving uninterrupted operations for the company.