LCN Capital Partners (LCN) has announced to have successfully completed the sale-leaseback acquisition of the primary manufacturing and warehouse facility of Anchor Hocking, LLC, an Ohio-based glassware company. Simultaneously, LCN leased the facility back to Anchor Hocking under a 25-year, triple-net lease.
The 1,000,000 square foot industrial facility, located in Lancaster, Ohio, has three 200-tonne glass furnaces and accounts for nearly 100 percent of Anchor Hocking’s production and revenue. The facility operates 24 hours a day and is key to the US glass manufacturing industry, since it contains three of the ten glass furnaces that currently operate in the USA.
Jared Ciejek, a Partner at LCN Capital Partners, noted, “We are pleased to partner with Anchor Hocking, one of the major glass manufacturers in the U.S. The company is a leading national manufacturer of household consumer and commercial glassware. The Lancaster property is a highly specialized facility with a footprint unique to glass manufacturing, and this transaction helps Anchor Hocking unlock capital that can be re-invested into its core business.”
Anchor Hocking was established in 1905 and employs approximately 800 people between its Lancaster facilities and Columbus, Ohio, headquarters. It is a nationwide leader of household consumer glassware and operates three business units: consumer, food-service and commercial. The company markets products globally under the Anchor Hocking®, Anchor®, Anchor Home® and FireKing® brands. The company’s customers range from Fortune 500 to medium and small sized companies.
Added Tom Wall, Partner at LCN Capital Partners, said, “LCN is a recognized leader in the primary sale-leaseback and build-to-suit markets, where investments and leases are directly originated with corporate users of mission critical real estate. LCN delivers a long-term solution for its tenant-clients by providing a non-bank capital resource, efficient monetization of on-balance sheet real estate, continued operational control of key assets, enhanced financial metrics, and potential tax benefits. And LCN’s investing partners benefit from the long-term, real estate secured and inflation protected distributions that it supplies.”