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Stonebriar Commercial Finance Closes $17.5MM Lease

May 25, 2021, 07:24 AM
Filed Under: Manufacturing

Stonebriar Commercial Finance announced the closing of a $17.5 million sale and leaseback of certain manufacturing and distribution center related equipment for K&N Engineering, a branded automotive air filter and air intake systems manufacturer and portfolio company of funds managed by Goldman Sachs Asset Management. The lease proceeds provided the company with additional liquidity for general corporate purposes to support the company’s growth and manufacturing expansion to a new, state-of-the-art manufacturing facility located outside Dallas, TX.

Michael Gay, Stonebriar’s Sr. Managing Director of Sponsor Finance Group, stated, “As one of the industry’s most widely recognized brands, we are proud to support K&N, as well as continue our success across the private equity community. We value the significant support from its sponsor, Goldman Sachs, and its vision to further enhance enterprise value.”  

Ron Linn, Stonebriar Vice President, added, “We have immense faith in this management team’s ability to continue K&N’s growth plans, specifically its expansion to the new facility, where our leased assets are a critical component.”

Simon Kubbies, Vice President of Goldman Sachs, stated, “We’re pleased to complete this important financing for K&N with Stonebriar’s Sponsor Finance Group. Stonebriar delivered a unique solution to K&N and we appreciate their expertise in structuring a compelling transaction that will support the company’s future growth.”

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