International Aluminum Corporation
“Since we acquired IAL earlier this year we have implemented a number of initiatives to enhance the business. As part of those efforts to grow the company, W. P. Carey’s sale-leaseback provides further financial flexibility to do a myriad of things: target future add-on acquisitions, pay dividends to our shareholders, or enhance any one of our portfolio businesses. W. P. Carey’s ability to understand our financial objectives along with IAL’s operating requirements enabled us to structure a long term financing solution that provides a solid platform for future growth opportunities. Genstar looks forward to working with W. P. Carey again on future deals.”
Darren Gold, Managing Director, Genstar Capital LLC
Growth Financing
June 2007
Founded in 1957, International Aluminum Corporation (IAL) is an integrated manufacturer of aluminum and vinyl building products used for both commercial and residential applications such as store fronts, decorative entrance doors, and aluminum windows and doors.
Situation: Genstar Capital LLC, IAL’s private equity sponsor, was looking for cash to infuse into its portfolio companies.
Financing: The W. P. Carey Group acquired nine industrial facilities from IAL throughout the United States and Canada for $63 million and leased them back to IAL under long term lease agreements.
Outcome: Genstar was able to use the proceeds from the sale-leaseback for various corporate growth initiatives.
