$12m summer sojourn to Scotland for Carey.Investment firm W. P. Carey & Co. announced that it provided Riverlake Partners, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , a private equity buyout fund focused on traditional manufacturing industries manufacturing industries npl → industrias fpl manufactureras manufacturing industries npl → industries fpl de transformation , acquisition financing to complete its leveraged buyout leveraged buyout, the takeover of a company, financed by borrowed funds. Often, the target company's assets are used as security for the loans acquired to finance the purchase. of the Decorative Systems Division of Pressac plc, a UK-based public company. Pressac plc specializes in the supply of electrical and electronic components to the automotive and telecommunications markets on a global basis. The Decorative Systems Division is the world' s largest supplier of dials and appliques to the automotive industry The automotive industry is the industry involved in the design, development, manufacture, marketing, and sale of motor vehicles. In 2006, more than 69 million motor vehicles, including cars and commercial vehicles were produced worldwide. . W. P. Carey, on behalf of its affiliated income generating real estate fund Corporate Property Associates 16--Global, acquired Pressac Decorative Systems' manufacturing facility, located in Bishopbriggs, Scotland, for $12.2 million. Riverlake used proceeds from this sale-lease-back to complete its $30 million acquisition. The new company will be renamed Advanced Decorative Systems (ADS). Alistair D. Calvert, a Director at W. P. Carey & Co. LLC, said, "We are pleased to have provided this acquisition financing to Riverlake Partners in their LBO LBO See: Leveraged buyout LBO See leveraged buyout (LBO). of Pressac's Decorative Systems Division. This transaction is a perfect example of how the capital generated from a sale-leaseback can be a significant piece of any LBO transaction and should not be overlooked as private equity firms seek financing to complete a deal." Erik Krieger, a managing member of Riverlake Partners, said, "The financing provided by W. P. Carey's sale-leaseback was important to the successful completion of our LBO. This capital will help ensure ADS' future growth potential as it seeks to expand into additional markets." The facility, which was completed in 2000, will be leased under a triple net lease for an initial period of 20 years. This acquisition adds to W. P. Carey's growing portfolio of managed properties throughout Europe. Prior transactions have included: the Belgian Government (Belgium); Carrefour (France); Hellweg Die Profi-Baumarkte GmbH & Co. KG (Germany); Plantasjen ASA Asa (ā`sə), in the Bible, king of Judah, son and successor of Abijah. He was a good king, zealous in his extirpation of idols. When Baasha of Israel took Ramah (a few miles N of Jerusalem), Asa bought the help of Benhadad of Damascus and , (Finland, Sweden); Pohjola Non-Life Insurance Company Ltd. (Finland); Polestar Polestar: see Polaris. Group (United Kingdom); the Thales Group SA (France), and TietoEnator Plc. (Finland). |
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