Founders Investment Banking, LLC is pleased to announce that the sale and leaseback of the corporate headquarters and manufacturing operations of Ward’s Cabinetry, LLC has been completed. The approximately 76,000 square foot facility, located in Clanton, AL, was purchased for approximately $1.4 million by the Foundation Sale Leaseback Fund I.
Following the recent recapitalization of Ward’s Cabinetry by the Scout Alabama Fund and the subsequent introduction of a new senior management team, the cabinet manufacturer has experienced significant revenue and profitability growth. Accordingly, the company has realized a strong need for additional capital and increased financial flexibility. “The sale leaseback structure that Founders Investment Banking created was a timely solution that addressed all of our complex financial needs,” stated Paul Spivey, President and shareholder of Ward’s Cabinetry. “By completing this transaction, we were able to generate new cash to invest in our core manufacturing business. Additionally, it provided us the working capital and overall flexibility needed to pursue available market opportunities and secure a new senior debt facility that was more appropriate for the level of growth we are currently experiencing in our business.”
“This transaction is a perfect case study of the advantages of a sale leaseback for private companies,” indicated Andy Sink, Managing Director of Founders Investment Banking’s real estate practice. “By unlocking and monetizing the equity buried in their real estate properties, these companies can use the resulting proceeds for a variety of other, more important purposes, including investing back into the core business for growth initiatives and/or providing liquidity for shareholders.”
About Wards Cabinetry
Ward’s Cabinetry, LLC is a manufacturer and assembler of semi-custom frameless style cabinets based in Clanton, Alabama. Founded over 30 years ago, Ward’s has a well established brand in its niche and sells its products through independent kitchen and bath dealers in 21 states throughout the Southeastern and Mid-Atlantic regions of the United States. The Foundation Sale Leaseback Fund I is an investment vehicle dedicated to purchasing commercial and industrial properties throughout the Southeast. It is currently seeking acquisitions of single or multi tenant properties of $1-$5 million in value.
About Foundation Sale Leaseback Fund
The Foundation Sale Leaseback Fund I is an investment vehicle dedicated to purchasing net leased commercial and industrial properties throughout the Southeast. It is currently seeking acquisitions of net leased single tenant properties of $1-$5 million in value. The fund is managed by Birmingham based Foundation Fund Management, LLC.