US baker Best Brands has signed a US$50m sale-and-leaseback deal with investment firm WP Carey & Co.
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WP Carey has agreed to buy four manufacturing sites from Best Brands and lease them back to the company. The manufacturing and warehouse facilities are located in California, Texas, Kansas and Minnesota.
“The sale-leaseback financing with WP Carey was ideal as it allowed us to access the value tied up in a number of our key real estate assets and redeploy that capital in our core business,” said Scott Humphrey, Best Brands CEO.
Headquartered in Minnesota, Best Brands is makes speciality bakery products sold to in-store bakeries and institutional baking clients such as Wal-Mart, Starbucks and Costco.
“We were pleased to work with Best Brands on this transaction,” said Gino Sabatini, Executive Director at WP Carey. “The acquisition is consistent with our core investment philosophy of investing in key assets of well managed operating companies.”
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