Sale Leaseback for Tri-Tech Medical's Mission-Critical Facility

Background:

Ascension recently represented Cornerstone Business Enterprises, the real estate entity of Tri-Tech Medical, a leading manufacturer, and supplier of high-quality medical gas equipment. Tri-Tech operates from its 26,000+ square foot Avon, Ohio headquarters, a mission-critical facility for its operations.

With over 30 years of experience, Tri-Tech Medical has established itself as a trusted provider of medical gas equipment to hospitals and healthcare facilities across the country. As part of its commitment to innovation and customer satisfaction, Tri-Tech has continued to expand its facility to accommodate its growing business needs.

Client Objective:

Tri-Tech has been privately owned and operated since its founding in 1989. In 2004, they moved into their current facility, and they recently completed an expansion that substantially increased the facility's size. As Tri-Tech management's retirement was on the distant horizon, they aimed to monetize their owned real estate while aligning with their long-term objectives.

To achieve this goal, Tri-Tech engaged Ascension to conduct a sale leaseback transaction. This approach allowed Tri-Tech to unlock the value of its real estate while retaining its use for its operations, allowing it to continue to grow its business without compromising its facility's mission-critical status.

Solution:

Ascension's team, led by Co-Founder and Managing Director Chelsea Mandel, conducted a competitive investor outreach process to target a curated list of private and institutional investors from their network who seek this asset type. Ascension's approach focused on identifying buyers offering the best terms for their client, with the highest certainty of execution, who were also well-aligned with Tri-Tech's operational priorities.

Ultimately, a well-capitalized private buyer local to the asset was awarded the deal, closing cash and within the transaction timeline. Ascension's expertise and dedication to identifying the right buyer and executing transactions efficiently helped Tri-Tech achieve its long-term goals. Both Ascension and Tri-Tech were pleased with the outcome, and the parties look forward to a successful partnership. "It was a pleasure working with the Ascension Team,” explained Don Daviess, CEO of Tri-Tech Medical, adding: “They were very knowledgeable and helped us through the sale leaseback transaction to completion."

Ascension's successful completion of this sale leaseback transaction demonstrates their expertise in delivering tailored solutions to meet the unique needs of their clients. Their commitment to identifying the right buyers and executing transactions with precision and efficiency has established them as the most trusted global sale leaseback firm.