Franchise Group (FRG) Announces The Sale Of The W.S. Badcock Corporation Distribution Centers
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Franchise Group, Inc. (NASDAQ: FRG) (“Franchise Group,” “FRG” or the “Company”) today announced that it has completed the sale-leaseback of all three W.S. Badcock Corporation (“Badcock”) distribution centers for gross proceeds of approximately $150 million to affiliates of Oak Street Real Estate Capital, a division of Blue Owl Capital (“Oak Street”).
“Oak Street has proven to be a trustworthy partner throughout our sale leaseback process,” said Brian Kahn, President and CEO of Franchise Group. “We are pleased to close the sale of the Badcock distribution centers and retire the balance of our acquisition term loan with the cash proceeds.”
FRG expects to complete the sale-leaseback of the corporate headquarters by the end of the second quarter.
B. Riley Real Estate acted as advisor and Willkie Farr & Gallagher LLP served as legal counsel to Franchise Group.
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