AIC Ventures Acquires Two Mid-West Facilities of SET Enterprises.AUSTIN, Texas -- AIC AIC Association des Infermières Canadiennes. Ventures announced today that it has completed a sale leaseback A transaction whereby land is sold and subsequently rented by the seller from the purchaser who is the new owner. transaction with SET Enterprises, a world-class provider of metal processing services specializing in the production of flat sheet steel blanks for use by major U.S. and foreign automotive makers. The transaction includes two SET facilities located in New Boston, Michigan New Boston is an unincorporated community in Huron Charter Township, Wayne County in the U.S. state of Michigan. Huron Township includes three separate communities, the largest community is New Boston, the two smaller being Willow and Waltz. and North Vernon, Indiana North Vernon is a city in Jennings County, Indiana, United States. The population was 6,515 at the 2000 census. The mayor of North Vernon is John Hall. Geography North Vernon is located at (39.004991, -85. . AIC Ventures' real estate fund, NL Ventures VI, acquired the property and simultaneously entered into a long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. absolute net lease with SET Enterprises. The assets encompass 371,570 square feet of manufacturing, warehousing and office space. Ken Pachla, CFO See Chief Financial Officer. of SET Enterprises, said, "Our company established early on that it did not want to spend time managing a real estate transaction and AIC clearly demonstrated the manner of real estate expertise that confidently allowed us to remain focused on our core manufacturing business. The acquisition was executed with remarkable promptness, consistent and straightforward communication, and with a level of ease that is very difficult to come by in commercial real estate transactions. The result was a unique financing solution that allowed us to pay down debt and reduce overall costs." Peter Carlsen, President of AIC Ventures, said, "We are proud to have successfully completed this intricate transaction which involved a multi-year dialogue and a deep understanding of the industry in which SET competes. Despite shifts and new dynamics in 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. , which are less attractive to traditional finance markets, we recognize SET is positioned for growth and our organization was eager to support those initiatives. As is our custom, we closed on an all-cash basis and did so in a short timeframe which enabled SET to immediately infuse in·fuse v. 1. To steep or soak without boiling in order to extract soluble elements or active principles. 2. To introduce a solution into the body through a vein for therapeutic purposes. capital into their business, restructure their financing and fuel their ability to achieve their growth plan. AIC Ventures is a leading provider of capital to middle-market companies. With over $700 million in completed transactions, AIC Ventures structures innovative corporate finance solutions for companies facing limited, short-term or expensive alternatives for capital. The company has closed more than 70 transactions nationwide. Whether sellers need to close quickly, have private equity interests, environmental or other challenges, AIC Ventures can help. For more information, please visit www.AICVentures.com. Those interested in receiving future updates on AIC Ventures via e-mail can register at www.aicventuresmedia.com. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion