Angelo, Gordon In $30M Industrial Buy

NEW YORK CITY-Angelo, Gordon & Co.’s net lease group has acquired six manufacturing and distribution centers located across North America for $30.4 million in a sale-leaseback transaction. The assets, bought from KIK Custom Products, a unit of locally based CI Capital Partners, are in Santa Fe Springs CA; Toronto; Memphis, TN; and Auburndale, FL.

KIK will use the proceeds to pay down debt and fund new capital projects. The firm, an arm of CI Capital since last year, is a manufacturer and distributor of products for such companies as Albertstons, Colgate-Palmolive and Procter & Gamble.

This is the third deal done between Angelo, Gordon & Co.’s net-lease team and CI Capital. “The sale-leaseback with AG Net Lease provided KIK with valuable capital to support its aggressive growth initiatives,” says Steve Lefkowitz, president of New York City-based CI Capital Partners, which is a private-equity buyout operation.