Private real estate investment fund manager AIC Ventures has purchased the 73,000 square foot industrial facility of Cocoa, Florida‐based Sun & Skin Care Research, a portfolio company of Source Capital. Sun & Skin Care Research is a manufacturer of sun‐care products.
AIC Ventures, a private real estate investment fund manager, has purchased the 73,000 square foot industrial facility of Cocoa, Florida‐based Sun & Skin Care Research, LLC, a portfolio company of Source Capital, LLC. Sun & Skin Care Research is a leading manufacturer of sun‐care products sold globally under brands such as Ocean Potion®, No‐AD® and Margaritaville Parrot HeadTM. AIC Ventures closed the acquisition and simultaneously entered into a long‐term lease of the facility with the company.
“This marks over $475 million in invested capital through more than 50 transactions with private equity firms and their portfolio companies. Sale leasebacks are an excellent way for private equity groups and other companies to raise funds for acquisitions, to return capital to investors, to pay down debt, and to finance other operations. We are very pleased to have been able to successfully execute this transaction with Source Capital and Sun & Skin Care Research. All parties were focused throughout, resulting in the transaction closing within 32 days following the signing of the LOI,” stated Luis F. Medina, Managing Director of Acquisitions at AIC.
Ben Emmons, Managing Director at Source Capital, LLC said, “We were seeking a means to unlock capital through a sale leaseback transaction to allow us to deploy funds in a more productive way and accelerate our growth plans such as making further strategic acquisitions of brands and technologies, continuing to expand into new geographies around the world, and supporting our marketing and business development effort. AIC Ventures performed exactly as advertised.”
About AIC Ventures
AIC Ventures is a leading provider of alternative capital to middle‐market companies via real estate sale leaseback transactions. With over $1.1 billion in completed transactions, AIC Ventures structures innovative corporate finance solutions for companies that need to strengthen their balance sheets, fund growth initiatives including acquisitions, fund succession planning and/or support other strategic initiatives. The company has closed 135 transactions in 29 states. For more information, visit www.aicventures.com.
About Source Capital
Source Capital, LLC is a private equity firm founded in 2002 which makes both control equity investments and mezzanine debt investments in mature, lower middle‐market U.S. companies across a range of industries. Source Capital’s investment strategy targets both healthy growing companies with greater than $1.5 million in EBITDA seeking a growth‐oriented partner and distressed businesses that are over leveraged and/or operate in out‐of‐favor sectors. Source Capital has completed acquisitions and invested across a broad selection of industries including: business services, light manufacturing, consumer products & services, healthcare, and value‐added distribution. Source Capital has offices in Atlanta and San Francisco.
About Sun and Skin Care Research
Sun and Skin Care Research, LLC is a leading manufacturer of sun‐care products in the U.S. and in key markets around the world. Its products are sold under brands such as Ocean Potion® and No‐Ad®. The company offers a vast array of sun and skin care products including sunscreens, tanning lotions and oils, after‐sun products, moisturizers and lip balms.