Angelo, Gordon & Co.'s Net Lease Group Acquires 50 Percent Interest in Solo Cup Portfolio for $65 Million.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Angelo, Gordon & Co.'s ("Angelo Gordon") dedicated Net Lease Group ("AG Net Lease") announced today the acquisition of a 50% interest in a portfolio of manufacturing facilities net leased to Solo Cup Company Solo Cup Company is a manufacturer of consumer packaging products: disposable beverage cups, disposable plates and bowls. Solo Cup Company is located in Highland Park, Illinois. The founder and owner for many years of Solo Cup was Leo Hulseman. ("Solo Cup"), a leading provider of disposable foodservice products. The portfolio includes Solo Cup manufacturing plants in Dallas, Chicago, Urbana, Ill., Augusta, Ga., Conyers, Ga., and Federalsburg, Md. Solo Cup Company is a $2.5 billion company exclusively focused on the manufacture of disposable foodservice products for the consumer/retail, foodservice and international markets. Solo Cup has broad expertise in paper, plastic, and foam disposables and creates brand name products under the Solo and Sweetheart names. Solo Cup was established in 1936 and has a global presence with facilities in Asia, Canada, Europe, Mexico, Panama and the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . Gordon J. Whiting, Managing Director and Senior Portfolio Manager of AG Net Lease, commented, "This transaction demonstrates our ability to partner on large and complex ventures in difficult market environments, requiring our unique combination of credit expertise, principal real estate investment experience, and highly competitive capital structure." Teddy Kaplan, Managing Director and co-manager Co-manager A second-tier Participant, ranked by size of participation. of AG Net Lease, added, "As 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. , buy-and-hold investor of operationally critical corporate real estate, we are delighted to own a 50% interest in one of the most significant manufacturing platforms in the disposable foodservice product space, leased to Solo Cup, the finest brand in the industry." About Angelo, Gordon & Co. and AG Net Lease Angelo, Gordon & Co. was founded in 1988 and with its affiliates has approximately $15 billion under management. Currently, the firm's investment disciplines encompass four principal areas: (i) distressed debt distressed debt Debt with low junk status and a market price substantially below par value, often pennies on the dollar. Investors sometimes buy distressed debt on the possibility that management can renegotiate loan agreements and keep the issuer out of and leveraged loans, ii) real estate, (iii) private equity and special situations and (iv) a number of hedge fund hedge fund, in finance, a highly speculative, largely unregulated investment device. Originating in the 1950s, the funds "hedge" by offsetting "short" positions (borrowing a security and then selling it at a higher price before repaying the lender) against "long" strategies. Angelo, Gordon & Co. employs over 70 investment professionals and is headquartered in New York, with associated offices in Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. , Chicago, London, Hong Kong Hong Kong (hŏng kŏng), Mandarin Xianggang, special administrative region of China, formerly a British crown colony (2005 est. pop. 6,899,000), land area 422 sq mi (1,092 sq km), adjacent to Guangdong prov. and Seoul. AG Net Lease is comprised of a team of experienced professionals committed to providing sale-leaseback financing to financial sponsors and below investment grade companies across a range of industries. AG Net Lease is currently investing its first dedicated net lease fund which closed earlier this year and will seek to purchase as much as $500 million of net leased corporate real estate in the U.S. and abroad with transactions ranging from $5 million to $200 million. AG Net Lease's unparalleled credit and real estate underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. expertise, coupled with its unique funding platform, ensures highly competitive pricing and speed of execution to tenants and sponsors. Additional information on AG Net Lease can be found at www.angelogordon.com/netlease. About Solo Cup Company Solo Cup Company is a $2.5 billion company exclusively focused on the manufacture of disposable foodservice products for the consumer/retail, foodservice and international markets. Solo has broad expertise in paper, plastic and foam disposables and creates brand name products under the Solo and Sweetheart names. The Company was established in 1936 and has a global presence with facilities in Asia, Canada, Europe, Mexico, Panama and the United States. To learn more about the Company, visit www.solocup.com . |
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