Angelo, Gordon & Co.'s Net Lease Group Completes $58 Million Sale-Leaseback with Sunny Delight Beverages Co.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 that it acquired three of Sunny Delight Beverages Sunny Delight Beverages Co. is the creator of Sunny Delight (aka SunnyD). It spun off of Procter & Gamble in 2004. The company is owned by J.W. Childs Associates, L.P.. [1] Headquarters
Sunny D is a leading producer of juice-based drinks in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. and Western Europe Western Europe The countries of western Europe, especially those that are allied with the United States and Canada in the North Atlantic Treaty Organization (established 1949 and usually known as NATO). , producing and marketing such brands as SunnyD[R] Original, SunnyD Intense Sport[TM] and SunnyD Baja[TM]. Sunny D has its U.S. headquarters in Cincinnati, Ohio “Cincinnati” redirects here. For other uses, see Cincinnati (disambiguation). Cincinnati is a city in the U.S. state of Ohio and the county seat of Hamilton County. , and its European headquarters in Barcelona, Spain. Sunny D has 600+ employees worldwide. Teddy Kaplan, Managing Director and co-manager of AG Net Lease, commented, "We are delighted to have worked with Sunny D and J.W. Childs on this transaction. We believe that Sunny D's strong brand and management team coupled with J.W. Childs' sponsorship ensures a bright future for the company." Bill Schumacher, Chief Financial Officer for Sunny D, said, "Our goal in this transaction was to free up valuable capital that we could use to grow our business. We are aggressively pursuing several significant new product launches and major investments in new packaging capability that will be much more affordable now that we have completed this transaction. These initiatives, in combination with the strong business results we have delivered over the past year, will create a very bright future for SunnyD, its shareholders and employees." Jeff Teschke, Principal at J.W. Childs, said, "AG Net Lease provided an important source of capital in connection with Sunny D's bank refinancing Refinancing An extension and/or increase in amount of existing debt. which helped the company to substantially reduce its leverage and accelerate its ability to pursue various growth initiatives and investments. The transaction was well-executed and we look forward to working with AG Net Lease on future deals." About Angelo, Gordon & Co. and AG Net Lease Angelo, Gordon & Co. was founded in 1988 and, with its affiliates, has approximately $14 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 their portfolio 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 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 J.W. Childs Associates, L.P. J.W. Childs Associates, L.P. is a private equity firm based in Boston, Massachusetts “Boston” redirects here. For other uses, see Boston (disambiguation). Boston is the capital and most populous city of Massachusetts.[3] The largest city in New England, Boston is considered the unofficial economic and cultural center of the entire New specializing in leveraged buyouts 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. and recapitalizations of middle-market growth companies. Since 1995, J.W. Childs has invested in companies with a total transaction value of over $10 billion. J.W. Childs currently invests through J.W. Childs Equity Partners III, L.P., an investment fund with total committed capital from financial institutions, pension funds, insurance companies and university endowments of $1.75 billion. About Sunny Delight Beverages Co. Sunny Delight Beverages Co. is a leading producer of juice-based drinks in North America and Western Europe. The Company is dedicated to helping Moms improve the vitality of their families by creating and marketing more wholesome beverages. The Company's brands include SunnyD, FruitSimple, SunnyD Intense Sport, SunnyD Baja and Elations. The Company was founded in 1964 in Florida. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion