Angelo Gordon’s dedicated Net Lease Group has acquired the headquarters and principal processing and distribution facility of Stampede Meat, located in Bridgeview, Illinois for USD14m.<
Angelo Gordon’s dedicated Net Lease Group has acquired the headquarters and principal processing and distribution facility of Stampede Meat, located in Bridgeview, Illinois for USD14m.
Stampede, a supplier of value-added beef products, is a portfolio investment of Fairmont Capital, PNC Mezzanine Capital and Sankaty Advisors since January 2007.
Stampede has a blue-chip customer base that includes national restaurant chains, quick service restaurants, food service distributors, home delivery networks and grocery retailers.
Stampede customizes its protein products to specifications which include portion size, tenderizing, seasoning, marinating, breading, cooking, and packaging.
Teddy Kaplan, managing director and co-manager of AG Net Lease, says: ‘Stampede Meat is among the most respected and reliable suppliers in the food service space. This facility is the newest and largest steak cutting facility in the Chicago area and perhaps the cleanest and most state-of-the-art food processing facility we have seen. We are thrilled to have played such a pivotal role in Stampede’s recapitalization, which has positioned the company to continue to be a leader in its industry even in this difficult economic environment.’
Gordon J. Whiting, founder and chief portfolio manager of AG Net Lease, says: ‘The sale-leaseback was a meaningful component to Stampede’s recapitalization, which was a complex, multi-party transaction on a tight closing schedule. We provided a firm financing commitment to Stampede in two weeks and closed all-cash shortly thereafter on the terms originally proposed. We expect to be very active in 2009 in similar recapitalizations with quality companies such as Stampede, where our execution capabilities will be paramount.’
Jones Lang LaSalle represented Stampede on the sale-leaseback.
