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Angelo Gordon’s Net Lease Group completes USD6.7m sale-leaseback

Angelo Gordon’s Net Lease Group has acquired the headquarters and distribution facility of Conney Safety Products in Madison, Wisconsin for USD6.7m.

Angelo Gordon’s Net Lease Group has acquired the headquarters and distribution facility of Conney Safety Products in Madison, Wisconsin for USD6.7m.

Proceeds of the sale-leaseback transaction will be used by Conney for growth initiatives.

Conney, a portfolio company of New York-based CI Capital Partners (formerly Caxton-Iseman Capital) since October 2007, markets personal protective equipment, safety equipment, first aid supplies, and various other safety products.

Founded in 1946 and headquartered in Madison, Conney is a direct marketer of a broad range of safety equipment.

Teddy Kaplan, managing director and co-manager of AG Net Lease (photo), says: ‘Conney Safety Products is among the most recognised brands in workplace safety, an industry that stands to benefit from increased regulations and infrastructure spending. There is a Conney catalog on the plant manager’s desk of nearly every industrial facility we own. We are thrilled to have worked again with CI Capital, while gaining exposure to a market-leading business that is positioned well to succeed in a difficult economic environment.’

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