AIC Ventures Completes Sale-Leaseback

Austin-based AIC Ventures completed a sale-leaseback transaction with Easley Custom Plastics (ECP), a supplier of plastics injection molding, painting and assembly, in Easley, S.C.  Financials for the deal were not disclosed. The transaction includes ECP’s corporate headquarters and encompasses 277,000 square feet of manufacturing, office and warehouse space situated on 74 acres. AIC Ventures’ real estate fund, NL Ventures VI, through an affiliate, acquired the properties and simultaneously entered into a long term absolute net lease with Easley.  Easley Custom Plastics provides specialized engineering and manufacturing services of custom injection molded plastic components.   “We weren’t the first buyer that they attempted to do a transaction with; they went with someone else who couldn’t perform and then came to us because of our track record of 83 for 83 in getting transactions done,” David Steinwedell, managing partner for AIC, told CPN today. “We have complete discretion over our capital. To get transactions done in today’s market, [going through] third party lenders can be tough. We can get our deals done under the terms we propose. From ECP’s standpoint, there was surety of getting the deal done.” Steinwedell said many companies are having a hard time getting capital because their traditional sources of raising money have been hit hard by credit crunch. “A lot of [firms] are realizing that they have an asset on their hands that they haven’t thought of monetizing before,” he said. “Through a sale-leaseback, they can free up capital to grow their companies.” AIC Ventures is a provider of capital to middle-market companies, with more than $700 million in completed transactions under its belt.