NEW YORK, July 27, 2021 /PRNewswire/ — New Mountain Capital (“New Mountain”), a defensive growth-oriented investment firm that manages more than $33 billion across private equity, credit, and net lease real estate, today announced that its net lease business, New Mountain Net Lease, has closed six sale-leaseback transactions in the first half of 2021. These transactions had a total acquisition value of $287 million and covered approximately 1.7 million square feet of industrial and life science real estate.
This robust level of activity in the first half of the year demonstrates New Mountain’s ability to leverage its deep expertise in defensive growth investing to structure and execute transactions that deliver value for the firm’s investors as well as to property owners and financial sponsors seeking to optimize their asset base and financial profile.
The investments include:
- The acquisition of Amneal Pharmaceutical’s 491,000 square foot manufacturing facility in Long Island, NY. Amneal is a leading manufacturer and distributor of pharmaceutical products, primarily in the generic and specialty drug markets, and is known for its ability to develop complex generic drugs.
- The acquisition of Boston Scientific Corporation’s primary North American manufacturing facilities for their endoscopy and urology and pelvic health divisions in Spencer, IN, which it has occupied for 35 years. Boston Scientific Corporation is a global developer, manufacturer, and marketer of medical devices that are used in a broad range of interventional medical specialties.
- The sale-leaseback of fourteen last mile service depots in Northern California leased to Rollins, a global consumer and commercial services company providing pest and termite control services to residential and commercial customers.
- A sale-leaseback of a three-property manufacturing and distribution portfolio totaling 453,000 square feet, net leased to Paragon Films, a portfolio company of Wellspring Capital Management. Paragon is a “Top 5” North American manufacturer of high-performance, transit packaging films.
- The sale-leaseback of two manufacturing and distribution facilities located in California and Tennessee and leased to Techmer PM, a portfolio company of SK Capital. Techmer is a “Top 5” North American manufacturer and distributor of value-added, highly customized colorants and additives that fulfill critical customer needs across industries.
- The acquisition of Abzena’s sole bioconjugate and ADC manufacturing facility located near Philadelphia, PA. Abzena, a Welsh, Carson, Anderson & Stowe portfolio company, is a leading contract development and manufacturing organization offering outsourced discovery, development, and manufacturing services to the biologics industry.
Teddy Kaplan, Managing Director and Head of New Mountain Net Lease, said, “New Mountain has had a strong first half of the year in our net lease business. We have worked with a variety of leading organizations to help them unlock value in their owned real estate and enhance their businesses’ financial profiles through mutually beneficial, thoughtfully structured transactions that we expect will deliver attractive risk-adjusted returns for our investors. We are pleased to see the robust response that our differentiated, non-investment grade-focused net lease offering has received from property owners and financial sponsors. We look forward to continuing to expand our existing relationships and fostering new ones across the markets in which we operate.”
About New Mountain Capital
New Mountain Capital is a New York-based investment firm that emphasizes business building and growth, rather than debt, as it pursues long-term capital appreciation. The firm currently manages private equity, credit, and net lease real estate funds with over $33 billion in assets under management. New Mountain seeks out what it believes to be the highest quality leaders in carefully selected “defensive growth” industry sectors and works intensively with management to build the value of these companies.
Additional information about New Mountain Capital is available at nmcapdev.wpenginepowered.com.
SOURCE New Mountain Capital