NEW YORK (Business Wire EON/PRWEB ) May 9, 2007 -- Angelo, Gordon & Co.’s (“Angelo Gordon”) dedicated Net Lease Group (“AG Net Lease”) announced today that it has acquired the headquarters and manufacturing facilities of Simpson Performance Products, Inc. (“Simpson”) through a sale-leaseback transaction. Simpson is a portfolio company of Carousel Capital, a Charlotte-based private equity firm.

As we evaluated Simpson's capital structure, the opportunity to reduce leverage through a sale-leaseback was compelling. Working with AG Net Lease was a pleasure.

Simpson’s headquarters and principal manufacturing facility are located in New Braunfels, Texas. Simpson is a leading manufacturer and supplier of safety equipment and branded and custom team apparel to the motorsports industry, including NASCAR, Indy and Formula 1. Simpson manufactures helmets and restraints at the New Braunfels facility. Proceeds of the sale-leaseback were used to reduce senior indebtedness. The deal closed September 28, 2006.

Teddy Kaplan, Managing Director and co-manager of AG Net Lease, commented, “The Simpson transaction is indicative of our strategy of identifying tenants with positive growth potential. We take great comfort in the sponsorship Carousel Capital provides to its portfolio companies, and look forward to continuing our relationship with them.”

Charles Grigg, Partner at Carousel Capital, said, “As we evaluated Simpson’s capital structure, the opportunity to reduce leverage through a sale-leaseback was compelling. Working with AG Net Lease was a pleasure.”

About Angelo, Gordon & Co. and AG Net Lease

Angelo, Gordon & Co. was founded in 1988 and has over $11 billion under management. Currently, the firm’s investment disciplines encompass four principal areas: (i) distressed debt and leveraged loans, ii) real estate, (iii) private equity and special situations and (iv) a number of hedge fund strategies. Angelo, Gordon & Co. employs over 70 investment professionals and is headquartered in New York, with associated offices in Los Angeles, Chicago, London, Hong Kong and Seoul.

AG Net Lease is comprised of a team of experienced professionals committed to providing sale-leaseback financing to financial sponsors and below investment grade companies across a range of industries. AG Net Lease is currently investing its first dedicated net lease fund which closed earlier this year and will seek to purchase as much as $500 million of net leased corporate real estate in the U.S. and abroad with transactions ranging from $5 million to $200 million. AG Net Lease’s unparalleled credit and real estate underwriting expertise, coupled with its unique funding platform, ensures highly competitive pricing and speed of execution to tenants and sponsors. www.angelogordon.com

About Carousel Capital

Carousel Capital is a private investment firm that invests in companies located in the Southeastern United States. Carousel’s investor base includes institutional investors and an elite group of more than 60 current and former CEOs with significant operating experience. Since its inception, Carousel has invested in 23 companies primarily in three targeted growth sectors: business services; consumer products and services; and healthcare services.

About Simpson Performance Products

Since 1959, Simpson Performance Products has been the leading safety manufacturer in the motorsports industry. Simpson believes in putting safety first and is dedicated to elevating the standards of racing safety through continuous development, refinement and testing. The one thing that remains constant is Simpson's commitment to racer safety. Gear up safer with Simpson.

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angelo, gordon & co. ag net lease

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