A New York City investment firm paid $59.5 million for several Germantown industrial buildings occupied by
Gehl Foods.
An affiliate of New York City-based
TPG Angelo Gordon, a company with more than $70 billion in assets, sold the six properties to an affiliate of
New Mountain Capital, which has more than $55 billion in assets and is based a few blocks away from TPG Angelo Gordon.
Gehl Foods, based in Germantown, is a manufacturer and co-packer of ready-to-serve aseptic food and beverages, specializing in dairy-based products.
The properties included in the deal are the Gehl Foods headquarters and aseptic manufacturing facility at N116 W15970 Main St., an ingredients and packaging warehouse at W160 N11736 Crusader Court and a bottle labeling and distribution center at N120 W1900 Friestadt Road, as well as a small parking lot near the headquarters building and an undeveloped 13-acre property near the bottle labeling and distribution center.
The properties total about 48 acres.
Gehl Foods also occupies a building in Germantown that houses more storage space, dispenser assembly and more office space, though this property was not included in the deal.
New Mountain Capital, a private equity firm, generally invests in industrial buildings with a single tenant under a long lease, according to its website.
Earlier this month, Wauwatosa-based advisory and accounting firm
Wipfli LLP announced that it had
sold a "significant minority stake" to New Mountain Capital.
