Sale Leaseback of Leading Workplace Safety Solutions Manufacturer

Background:

The Ascension team represents SixAxis, a private-equity backed North American leader in compliance-driven safety and access solutions. Recently acquired by MiddleGround, SixAxis manufactures innovative, compliance-driven safety solutions for customers across diverse end markets. They operate out of their nearly 225,000+ SF, state-of-the-art facility in Andrews, South Carolina.

Client Objective:

MiddleGround and Ascension have a track record of working together on several sale leaseback transactions, and the MiddleGround team considers the strategy an important part of their investment strategy that allows them to free up capital and redeploy proceeds into a higher and better use.

Solution:

Given the exceptional quality of the asset, the Ascension team was able to generate a number of competitive offers, engaging top private equity sale leaseback investors, REITS, and sophisticated private buyers from Ascension’s robust investor universe. After generating over 10 offers and multiple rounds of bidding, Ascension and MiddleGround awarded the deal to a publicly traded REIT, who executed a seamless closing well within the timeframe desired by the client. All parties look forward to the partnership and Ascension is thrilled to have delivered another successful closing for MiddleGround.