• Corporate Finance Transactions

BGL Real Estate Advisors Announces the Sale of Albany to Aterian

July 03 2018

ClevelandJuly 3, 2018 – BGL Real Estate Advisors (BGLREA) is pleased to announce the financial closing of the sale-leaseback of a 571,500 SF NNN Leased furniture headquarters, manufacturing, and warehousing facility (The Project). The project is owned by Albany Industries, Inc. (Albany), a U.S. based, value-oriented stationary upholstery furniture manufacturer, Albany was acquired by Standard Furniture, an affiliate of Aterian Investment Partners II, LP (Aterian). Aterian sought to immediately de-leverage their acquisition by utilizing BGLREA to secure a sale-leaseback deal to close simultaneous with the operating company acquisition. Aterian purchased Albany and all of its assets.

Aterian is a private equity fund that invests in industry leading, middle market businesses providing resources to further enhance growth, operations and investment initiatives. Aterian invests in businesses generating $25 million to $500 million of annual revenue with strong, proven franchises. The acquisition of Albany provides a highly strategic partnership opportunity with Aterian’s existing portfolio company, Standard Furniture.

Michael Fieldstone, Partner at Aterian, said “We could not be more pleased than to support two exceptional furniture families in the Hodgsons and McLartys as well as their respective management teams in their continued efforts to service their long-standing customer relationships better than ever. Together, the business will benefit from each company’s manufacturing and design capabilities, extensive supply chains and top notch sales and marketing teams in their continued pursuit of sustainable growth.”

Albany, Headquartered in New Albany, Mississippi, is a leading manufacturer of value-oriented stationary upholstery furniture that is committed to developing quality furniture with unsurpassed comfort at an affordable price. They pride themselves on providing Made in America furniture meeting the heart of US retail price points for stationary and sectional upholstery. A major component in the success of Albany is the vertical integration structure which allows them to control all aspects of the manufacturing and distribution process, including robust supply chain from Asia.

The transaction will provide Aterian with the ability to cross-sell Albany’s stationary upholstery with Standard’s leading case goods products, creating a diversified, whole-home, value-added supplier with a continued focus on the value-oriented price segment of the growing U.S. furnishings market.

About Brown Gibbons Lang & Company
Brown Gibbons Lang & Company is a leading independent investment bank serving the middle market. BGL specializes in mergers and acquisitions advisory services, debt and equity placements, financial restructuring advice, and valuations and fairness opinions, with global industry teams in Business Services, Consumer & Retail, Environmental & Industrial Services, Healthcare & Life Sciences, Diversified Industrials, Metals & Metals Processing, and Real Estate. BGL has offices in Chicago, Cleveland, Philadelphia, San Antonio, and San Diego in addition to Global M&A partner offices in more than 50 countries across 5 continents. BGL is able to deliver to our clients unparalleled access to strategic relationships, investors, and opportunities globally. For more information, please visit www.bglco.com.

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