--- title: Sale Leaseback for Cardinal Cycling Group in Landrum, South Carolina description: Ascension closed a sale leaseback for Cardinal Cycling Group’s facility, unlocking capital for growth while ensuring long-term operational control. image: https://ascensionadvisory.com/hubfs/Cardinal%20Cycling.webp --- [Skip to content](https://ascensionadvisory.com/ascension-advisory-blog/sale-leaseback-for-cardinal-cycling-group-in-landrum-south-carolina#main-content) [![ascension white and green logo](https://ascensionadvisory.com/hs-fs/hubfs/Logos/ascension%20white%20and%20green%20logo.png?width=200&height=36&name=ascension%20white%20and%20green%20logo.png)](https://ascensionadvisory.com?hsLang=en) - [Home](https://ascensionadvisory.com) - Sale Leasebacks Show submenu for Sale Leasebacks - [Sale Leaseback Overview](https://ascensionadvisory.com/sale-leaseback-overview) - [SLB For Business Owners](https://ascensionadvisory.com/services-business-owners) - [SLB For Financial Sponsors](https://ascensionadvisory.com/services-private-equity-firms) - [SLB For Referral Partners](https://ascensionadvisory.com/services-referral-partners) - [Build to Suit Financing](https://ascensionadvisory.com/build-to-suit-financing) - [Lease Advisory](https://ascensionadvisory.com/lease-avisory) - [Notable Transactions](https://ascensionadvisory.com/sale-leaseback-transactions) - Mergers & Acquisitions Show submenu for Mergers & Acquisitions - [Sell Your Business](https://ascensionadvisory.com/sell-your-business) - [The Seller's Checklist](https://ascensionadvisory.com/the-sellers-checklist) - [2026 M&A Report](https://ascensionadvisory.com/business-owner-ma-report) - [The Exit Playbook Course](https://ascensionadvisory.com/the-exit-playbook-course) - Insights Show submenu for Insights - [Ascension Blog](https://ascensionadvisory.com/ascension-advisory-blog) - [Press & Publications](https://ascensionadvisory.com/press-and-publications) - [2026 Ascension Magazine](https://ascensionadvisory.com/hubfs/Ascension%20Magazine%202026%20(standalone)%20(4).html) - [SLB and M&A Courses](https://ascensionadvisory.com/ascension-learning) - [2026 M&A Report](https://ascensionadvisory.com/business-owner-ma-report) - [Private Equity SLB Report](https://ascensionadvisory.com/private-equity-sale-leaseback-report) - [Team](https://ascensionadvisory.com/team) - [Contact](https://ascensionadvisory.com/contact-us) - [Home](https://ascensionadvisory.com) - Sale Leasebacks Show submenu for Sale Leasebacks - [Sale Leaseback Overview](https://ascensionadvisory.com/sale-leaseback-overview) - [SLB For Business Owners](https://ascensionadvisory.com/services-business-owners) - [SLB For Financial Sponsors](https://ascensionadvisory.com/services-private-equity-firms) - [SLB For Referral Partners](https://ascensionadvisory.com/services-referral-partners) - [Build to Suit Financing](https://ascensionadvisory.com/build-to-suit-financing) - [Lease Advisory](https://ascensionadvisory.com/lease-avisory) - [Notable Transactions](https://ascensionadvisory.com/sale-leaseback-transactions) - Mergers & Acquisitions Show submenu for Mergers & Acquisitions - [Sell Your Business](https://ascensionadvisory.com/sell-your-business) - [The Seller's Checklist](https://ascensionadvisory.com/the-sellers-checklist) - [2026 M&A Report](https://ascensionadvisory.com/business-owner-ma-report) - [The Exit Playbook Course](https://ascensionadvisory.com/the-exit-playbook-course) - Insights Show submenu for Insights - [Ascension Blog](https://ascensionadvisory.com/ascension-advisory-blog) - [Press & Publications](https://ascensionadvisory.com/press-and-publications) - [2026 Ascension Magazine](https://ascensionadvisory.com/hubfs/Ascension%20Magazine%202026%20(standalone)%20(4).html) - [SLB and M&A Courses](https://ascensionadvisory.com/ascension-learning) - [2026 M&A Report](https://ascensionadvisory.com/business-owner-ma-report) - [Private Equity SLB Report](https://ascensionadvisory.com/private-equity-sale-leaseback-report) - [Team](https://ascensionadvisory.com/team) - [Contact](https://ascensionadvisory.com/contact-us) ![3-Dec-13-2023-07-13-51-1672-PM](https://ascensionadvisory.com/hubfs/3-Dec-13-2023-07-13-51-1672-PM.png) ![2-Dec-13-2023-07-14-12-5417-PM](https://ascensionadvisory.com/hubfs/2-Dec-13-2023-07-14-12-5417-PM.png) [Case Study](https://ascensionadvisory.com/ascension-advisory-blog/tag/case-study) # Sale Leaseback for Cardinal Cycling Group in Landrum, South Carolina Nov 19, 2024 ![ Cyclist in yellow gear triumphantly holding a bicycle overhead, standing on a frosty hilltop with misty mountain peaks in the background. ](https://ascensionadvisory.com/hs-fs/hubfs/Cardinal%20Cycling.webp?width=1930&height=1282&name=Cardinal%20Cycling.webp) Introduction: Ascension Advisory successfully closed a sale leaseback transaction for Cardinal Cycling Group (“Cardinal”) of their mission-critical manufacturing facility in Landrum, South Carolina. This strategic transaction allowed Cardinal to unlock capital tied up in their real estate, fueling their growth plans while solidifying a long-term operational presence in this highly tech-enabled facility. Client Objective: Cardinal Cycling Group, a globally recognized leader in carbon fiber road and gravel racing bicycles, sought to optimize their balance sheet by monetizing the value of their Landrum, SC facility. The site, a cornerstone of Cardinal’s operations, represents the company’s commitment to cutting-edge manufacturing technologies, including Resin Transfer Molding (RTM), which sets them apart as the only scale operator in the industry using braided carbon structures. To continue their growth trajectory and fulfill government-backed investment initiatives, Cardinal needed a financing structure that would secure long-term operational control for the business's operations while generating significant funds to fuel their expansive operational enhancements at the site. ![Spacious warehouse with shelving stocked with bicycle parts and accessories.](https://ascensionadvisory.com/hs-fs/hubfs/Cardinal%20Cycling%20(2).png?width=405&height=243&name=Cardinal%20Cycling%20(2).png) ![Two technicians assembling and repairing bicycles in a workshop.](https://ascensionadvisory.com/hs-fs/hubfs/Cardinal%20Cycling.png?width=405&height=243&name=Cardinal%20Cycling.png) Solution: Ascension Advisory partnered with Cardinal to structure a bespoke sale leaseback solution. Leveraging its deep network of investors, Ascension identified a buyer experienced in industrial sale leasebacks and familiar with the growth potential of the global bicycle market. The sale leaseback agreement featured: - A long term absolute triple-net (NNN) lease: Cardinal retained full operational control of the property while providing for a low-maintenance structure for the landlord. - Below-market rents: The starting rent provided significant cost savings for the business as the company continues to scale, providing healthy headroom to the company's cost structure. - Annual rent escalators: The contractual rent uplifts provide predictable rental growth for the new landlord. Conclusion: The sale leaseback transaction enabled Cardinal Cycling Group to unlock significant capital that it can now use to reinvest into a variety of transformative growth initiatives for the rapidly-expanding business. With a strong operational presence in the Greenville-Spartanburg metro area—a hub for advanced manufacturing—Cardinal is well-positioned to scale its operations and cement its status as the largest RTM carbon fiber bicycle manufacturing facility in the country.   ### Let’s Talk ###### Category - [Journal Article](https://ascensionadvisory.com/ascension-advisory-blog/tag/journal-article) - [Case Study](https://ascensionadvisory.com/ascension-advisory-blog/tag/case-study) - [M&A](https://ascensionadvisory.com/ascension-advisory-blog/tag/ma) - [Private Equity](https://ascensionadvisory.com/ascension-advisory-blog/tag/private-equity) - [Industrial](https://ascensionadvisory.com/ascension-advisory-blog/tag/industrial) - [Manufacturing](https://ascensionadvisory.com/ascension-advisory-blog/tag/manufacturing) - [Automotive](https://ascensionadvisory.com/ascension-advisory-blog/tag/automotive) - [Press Release](https://ascensionadvisory.com/ascension-advisory-blog/tag/press-release) - [Europe](https://ascensionadvisory.com/ascension-advisory-blog/tag/europe) - [Food Distribution](https://ascensionadvisory.com/ascension-advisory-blog/tag/food-distribution) - [Notable Transactions](https://ascensionadvisory.com/ascension-advisory-blog/tag/notable-transactions) - [Retail](https://ascensionadvisory.com/ascension-advisory-blog/tag/retail) - [Car Wash](https://ascensionadvisory.com/ascension-advisory-blog/tag/car-wash) - [Healthcare](https://ascensionadvisory.com/ascension-advisory-blog/tag/healthcare) - [Outdoor Storage](https://ascensionadvisory.com/ascension-advisory-blog/tag/outdoor-storage) - [Cold Storage](https://ascensionadvisory.com/ascension-advisory-blog/tag/cold-storage) - [Quick Service Restaurant](https://ascensionadvisory.com/ascension-advisory-blog/tag/quick-service-restaurant) - [Tax Benefits](https://ascensionadvisory.com/ascension-advisory-blog/tag/tax-benefits) - [Build to Suit](https://ascensionadvisory.com/ascension-advisory-blog/tag/build-to-suit) - [Capital Markets](https://ascensionadvisory.com/ascension-advisory-blog/tag/capital-markets) - [Pharmaceutical](https://ascensionadvisory.com/ascension-advisory-blog/tag/pharmaceutical) - [pharm](https://ascensionadvisory.com/ascension-advisory-blog/tag/pharm) ###### Popular Post - [The Difference Between Tuck-ins, Add-ons, and Platforms in M&A](https://ascensionadvisory.com/ascension-advisory-blog/the-difference-between-tuck-ins-add-ons-and-platforms-in-ma?hsLang=en) - [Why Airlines Use Sale Leasebacks to Unlock Capital and Stay Airborne](https://ascensionadvisory.com/ascension-advisory-blog/why-airlines-use-sale-leasebacks-to-unlock-capital-and-stay-airborne?hsLang=en) - [The Difference Between Platforms and PortCo's in Private Equity](https://ascensionadvisory.com/ascension-advisory-blog/the-difference-between-platforms-and-portcos-in-private-equity?hsLang=en) - [How to Structure a Leveraged Buyout for Maximum Value](https://ascensionadvisory.com/ascension-advisory-blog/how-to-structure-a-leveraged-buyout-for-maximum-value?hsLang=en) - [Case Study: Valeo Foods €88 Million European Sale Leaseback](https://ascensionadvisory.com/ascension-advisory-blog/case-study-valeo-foods-88-million-european-sale-leaseback?hsLang=en) ### Leave a Comment ### Similar Blogs ![Dirty Dog's Car Wash Florida](https://ascensionadvisory.com/hs-fs/hubfs/Dirty%20Dogs%20Florida.webp?width=352&name=Dirty%20Dogs%20Florida.webp) #### [Dirty Dog's Car Wash Sale Leaseback Transaction in Melbourne, Florida](https://ascensionadvisory.com/ascension-advisory-blog/dirty-dogs-car-wash-sale-leaseback-transaction-in-melbourne-florida?hsLang=en) By [Chelsea Mandel](https://ascensionadvisory.com/ascension-advisory-blog/author/chelsea-mandel) 18 December 2023 Introduction:Ascension Advisory is pleased to highlight the successful completion of a sale... 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