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2024 Private Equity Sale Leaseback Report

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For Financial Sponsors


Our team provides sale leaseback advisory services to financial sponsors including private equity firms, independent sponsors, search funds, family offices, and holding companies. We operate across all business industries and real estate asset types throughout North America and Europe. We provide services for financial sponsors in two main approaches, 1) Portfolio Optimization and 2) Acquisition Financing.

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SALE LEASEBACK

Two Approaches for Financial Sponsors

Portfolio Optimization

We review your existing portfolio of corporate owned real estate, identifying unrealized opportunities to convert non-earning assets into accretive capital. Our competitive investor marketing process generates optimal economics and lease terms on every deal.
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Acquisition Financing

We optimize your acquisition capital stack to provide an advantage when competing in an M&A process, while maximizing return on invested capital for your investors. Our expertise ensures there is never a concern about closing alongside your M&A transaction.
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Sale Leaseback Applications & Benefits For Financial Sponsors


The sale leaseback strategy is a creative tool that financial sponsors use to help finance new acquisitions and enhance existing portfolio companies. By carving out the real estate assets from an operating business, either concurrent with the acquisition or later during the hold period, sponsors can unlock a meaningfully higher value for the real estate, while creating positive arbitrage through the process.

Benefits of Sale Leaseback Strategy

Higher & Better Use of Capital
Arbitrage of EBITDA Multiple vs Cap Rate
Attractive Financing Alternative
Flexible Capital Solution
Equity Value Creation
Holistic Liquidity Solution for Seller in M&A
Competitive Advantage in M&A Process

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Use of Sale Leaseback Proceeds

Financing in M&A Cap Stack

Source of Expansion Funding

Investment in Equipment and CapEx

Source of Liquidity  

Balance Sheet Optimization

Reinvestment into Core Operations

Payment of Sponsor Dividend

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Notable Sale Leaseback Transactions

Multiple Locations
Packaging Manufacturer

Reinvest into Business

Olympus Partners engaged the team to run a sale leaseback process for two of Liquibox’s manufacturing facilities, using the proceeds to invest in business growth. 
Olympus Partners and Liquibox

Ohio
Parts Manufacturer

Reinvest into Business

MiddleGround Capital hired Ascension to facilitate a sale leaseback for a manufacturing facility operated by Race Winning Brands, generating capital to fund strategic initiatives at the company.

MiddleGround Capital and Race Winning Brands

Texas
Recycling Solutions

Pay Down Debt

Ascension partnered with Mimir Group and Lindemann Metal Recycling Solutions to execute a sale leaseback of the company’s facility in Texas following the business acquisition.

Mimir Global Investment Group and Lindemann

Ohio
HVAC Manufacturer

Fund M&A Transaction

The team partnered with HIG Capital to structure a sale leaseback of a manufacturing facility, providing incremental proceeds to their acquisition capital stack of the Hart & Cooley business.  

HIG Capital and Hart Cooley

Multiple Locations
Packaging Manufacturer

Pay Down Debt 

Our team worked with Conner Industries, an industrial wood and packaging solutions provider, on a portfolio sale leaseback of its various locations, using the proceeds from the transaction to pay down debt at the business level. 

Conner Industries

California
Forgings Manufacturer

Fund M&A Transaction

We partnered with Wynnchurch Capital to execute a sale leaseback of an industrial outdoor storage site simultaneous with their acquisition of the operating company, California Amforge, to help fund the M&A deal.

Wynnchurch and California Amforge Corporatione

New York
Car Dealership

Fund Footprint Expansion

Ascension partners with Dennis & Co. to structure sale leasebacks of acquisition targets’ real estate alongside M&A as a strategy to help fuel business expansion. 

Dennis & Co. Auto Group

Nevada
HVAC Services

Fund M&A Transaction 

We partnered with Sunrise Service to structure a sale leaseback of the their warehouse as acquisition financing of the business transaction.

Sunrise Service, Inc.

Texas
Allergy Practice

Pay Down Debt

The Ascension team guided Greater Austin Allergy to a successful sale leaseback of their Austin practice, returning capital to help pay down debt.

Greater Austin Allergy

Indiana
Oils Manufacturer

Reinvest Into Business 

Ascension helped KSV Global execute a sale leaseback of The Perfumery’s manufacturing facility, freeing up capital to help optimize the business’s operations. 

KSV Global and The Perfumery

Connecticut
Fertility Practice

Reinvest into Business

We helped Sverica Capital and its portfolio company, In Vitro Sciences, leverage its fertility practice’s owned real estate to generate accretive financing to fund future business growth.  

Sverica Capital

Illinois
Physician Practice

Pay Down Debt  

The Ascension Advisory team facilitated a sale leaseback transaction on behalf of a medical clinic for Associated Physicians Group, generating proceeds to help pay down debt. 

Associated Physicians Group

Multiple Locations
Sausage Manufacturer

Reinvest Into Business 

The team worked with Kiolbassa Smoked Meats to execute a sale leaseback of its various refrigerated production facilities, allowing the company to further its business expansion.

Kiolbassa Smoked Meats

Multiple Locations
Wholesale Distributor

Pay Down Debt 

The team partnered with National Convenience Distributors to execute a portfolio sale leaseback of various warehouses in the northeast, freeing up capital to pay down debt.

National Convenience Distributors

Multiple Locations
Protein Manufacturer

Reinvest Into Business 

The Ascension team worked with Monogram Foods to structure sale leasebacks and a forward take-out of the company’s refrigerated food production facilities throughout the United States. 

Monogram

Multiple Locations
Car Wash Operator

Fund Footprint Expansion

Ascension Advisory has partnered with Dirty Dog’s Car Wash on a number of sale leasebacks and build to suit transactions throughout the United States to fuel footprint expansion. 
The Synosure Group and Dirty Dog's Car Wash

Multiple Locations
Metals Distribution

Reinvest Into Business  

Ascension partnered with MiddleGround Capital to structure a portfolio sale leaseback of AM Castle / Banner Industries’ manufacturing and distribution facilities.  

MiddleGround Capital, Castle Metals and Banner Industries

Multiple Locations
Industrial Repair

Reinvest Into Business 

Ascension partners with Searchlight Capital and its portfolio company Integrated Power Services to complete sale leasebacks of various company locations. 
Searchlight and Integrated Power Services

Multiple Locations
Components Manufacturer

Reinvest Into Business 

The Ascension team partnered with Altus Capital Partners and its portfolio company Nichols Portland to execute a number of sale leasebacks of company-owned manufacturing facilities. 

Altus Capital Partners and Nichols Portland

Multiple Locations
Industrial Textile Solutions

Reinvest Into Business 

Ascension partnered with JH Whitney and its portfolio company Cooley Group to execute a sale leaseback of a portfolio of manufacturing facilities occupied by the company. 

J.H. Whitney & Co. and Cooley Group

Multiple Locations
Equipment Supplier

Reinvest Into Business 

Ascension worked with Hidden Harbor Capital Partners and its portfolio company KT-Grant to execute a portfolio sale leaseback of a number of the company’s facilities. 

Hidden Harbor Capital Partners and KT-Grant

California
Baby Food Manufacturer

Pay Down Debt 

The team completed a sale leaseback on behalf of Initiative Foods' refrigerated food production facility in California to pay down debt at the business.  

Initiative Foods

Venlo, Netherlands
Mushroom Producer

Pay Down Debt 

Ascension partnered with CIM and its portfolio company Okechamp to structure a sale leaseback of their refrigerated mushroom production facility.
Cornerstone Investment Management and Okechamp

Multiple Locations
Industrial Manufacturer

Reinvest Into Business 

The team worked with Blue Sea Capital to structure a portfolio sale leaseback of facilities operated by its portfolio company, Abrasive Technology. 
Blue Sea Capital and Abrasive Technology

Ohio
Industrial Outdoor Storage

Fund Footprint Expansion

We worked with I Squared Capital and their portfolio company, Star Leasing, to structure a sale leaseback of their industrial outdoor storage facility.
I Squared Capital (1)

 

Maryland
Life Support Technology

Reinvest into Business

We helped Spring Mountain exercise a purchase option of Micropore's facility and executed a sale leaseback, generating a $3.2 million spread.Spring Mountain Capital

 

New York
Aerospace Manufacturer

Reinvest into Business

We helped Broadtree Partners complete a sale leaseback of Seanair's mission-critical facility to generate meaningful capital to drive further growth.Broadtree and Seanair

 

Multiple Locations
Material Storage Solutions

Reinvest into Business

Olympus Partners engaged Ascension to run a sale leaseback for 23 production and outdoor storage sites owned and operated by Tank Holding Corp.
Olympus Partners Logo (3)

 

Massachusetts
Components Manufacturer

Invest in Facility Upgrades

We executed a sale leaseback and tenant improvement allowance financing of Precision Machinist's manufacturing operations in the Boston metro area. 
Precision Machinists Company

 

Multiple Locations
Precision Tool Manufacturer

Fund M&A Transaction

3-unit sale leaseback of L.S. Starrett's manufacturing facilities in Minnesota and Ohio on behalf of MiddleGround Capital, following their take-private.

MiddleGround Capital and Starrett

 

Houston, TX MSA
Life Sciences Facility

Aquisition Financing

Iron Path Capital engaged Ascension for a sale leaseback alongside VION Biosciences' acquisition of Ansh Labs, using the proceeds for their capital stack.Iron Path Capital and VION (1)

 

Bergen, NY
Agricultural Manufacturer

Build to Suit

Ascension Advisory secured 100% of the financing required for the construction of OXBO's new manufacturing facility by bringing in a build-to-suit partner.

Geis Construction logo and Oxbo on a transparent background

Roseville, MI
Auto Parts Manufacturer

Reinvest into Business

TRP Capital Partners engaged the team to run a sale leaseback process for DTI's manufacturing facility and used the proceeds to reinvest into the business.

DTI and TRP Capital

 

Texas
Auto Dealership

Reinvest into Business

TRP Capital Partners engaged Ascension to run a sale leaseback process for two Lifted Trucks auto dealerships in the Dallas Fort-Worth metro area.

Lifted Trucks and TRP Capital

 

South Carolina
Bike Manufacturer

Reinvest into Business

Cardinal Cycling Group engaged Ascension for a sale leaseback of their mission critical facility to invest in business growth. 

Cardinal Cycling Group Logo

 

Hear From Our Clients

Max Kathari

"Ascension left me thoroughly impressed with the team’s performance throughout the lifecycle of our sale leaseback transaction. Their team was efficient, knowledgeable, and highly organized...We look forward to working with them in the future."

Max Kothari | Chief Executive Officer | Express Kitchens
Co-Founder of Private Equity Firm-1

"The Ascension team delivered on everything they proposed and hit the aggressive timeline we asked for. Their thoroughness and professionalism throughout the process was fantastic and we won’t hesitate to work with them again."

Co-Founder of Private Equity Firm
Søren Nielsen (3)

"The Ascension team did a great job leading us through this sale leaseback transaction on behalf of the company. The company signed a long-term lease at the facility, demonstrating the business’s commitment to this site."

Søren Hvidberg Nielsen | President | Widex USA
Vice President of Private Equity Firm-1

"The Ascension team delivers reliable and timely execution with attentive and highly responsive service. We trust the Ascension Advisory team to move quickly to achieve our real estate-related objectives."

Vice President of Private Equity Firm
Partner of Midwest Private Equity headshot

"This sale leaseback transaction was very important for the Company. It unlocked meaningful capital for us to redeploy into higher ROI opportunities that will help drive the Company's growth for years to come. The Ascension team was integral to making this possible."

Partner of Private Equity Firm
William Goetz

"Our goal with the sale leaseback was to position the company to continue investing in advanced technologies and to fund growth. Our success and timing in closing the sale leaseback is a testament to Ascension’s expertise and partnership."

William Goetz | CFO | Alpha Precision PM
Untitled design (41)

"Ascension delivered an excellent SLB outcome on an accelerated timeline that tracked our M&A process. As such, we were able to consummate a RE deal simultaneously with our M&A transaction and helped us fund the M&A deal."

Associate of Private Equity Firm
Untitled design (43)

"We have worked with Ascension in the past, and have always had a very strong experience.  Very strong attention to detail, real-time communication, work ethic, and an excellent grasp of the market are a few of the reasons I continue to work with Ascension."

Principal of Private Equity Firm
Group Chairman of European-Based Private Equity Firm

"The Ascension team supported us every step of the way during our process. The deal team was very helpful in keeping this transaction on track and worked diligently with all parties involved toward a successful close."

Chairman of Private Equity Firm
Joe Cappuccio

"The Ascension team has an amazing ability to parse the complexity out of any transaction providing for a smooth glide to a closing. There is no way we would have achieved even a fragment of our success without them."

Joe Cappuccio | Partner | Trinity Petro
Daryl Scott (2)

“Chelsea and her team did a great job. This transaction provides additional capital allowing us to continue reinvestment into our business that has seen tremendous growth over the last 12 months.”

Daryl Scott | Chief Executive Officer | Surlean Foods
Henry Legere
“We engaged the Ascension team to help us market and sell our medical office property and we couldn’t be more happy with their team, process, and results. I highly recommend the Ascension team.”  
Henry Legere | Founder & CEO | Reliant Immune Diagnostics
Brian Dennis

"Ascension has allowed us to turbocharge our business expansion. In fact, our last SLB deal was nothing short of incredible – we used the entire sale leaseback proceeds to fund the acquisition of the entire dealership operations – no cash outlay required."

Brian Dennis | President | Dennis & Co. Auto Group
Pat Voelker

"I enjoyed our experience working with Ascension. I would recommend Ascension again to be used by our firm or will suggest you all to other PE firms that ask for recommendations."

Vice President of Private Equity Firm
Josh Chandler

“Ascension Advisory was instrumental in helping Whisker achieve a successful real estate sale leaseback transaction during an increasingly challenging macro environment.”

Josh Chandler | Chief Financial Officer | Whisker
Shamari McCrimons

"It was a pleasure working with the Ascension Advisory team on Dirty Dog's Car Wash recent sale leaseback transaction! Great team. Great results."

Shomari McCrimons | Chief Financial Officer | Dirty Dog's Car Wash
OUR COVERAGE

We are global

With offices in New York, Toronto, Miami, and London, Ascension Advisory operates across North America, the UK, and Continental Europe.