Koozie Group (PPAI 114187, Platinum) – named the No. 9 supplier in the 2024 PPAI 100 – has sold its real estate properties in Pinellas County, Florida.
The sale supports the Clearwater, Florida-headquartered company’s investment in its capabilities and future, according to Koozie Group CEO Pierre Montaubin.
“This is an exciting moment for us where we had the opportunity to sell and lease back our Florida properties to a trusted real estate partner so we can reinvest in our business,” Montaubin says.
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Among the properties sold for a combined $35.9 million are two light manufacturing facilities in Largo and a facility designated for heavy industrial usage in St. Petersburg, Tampa Bay Business Journal reported.
- Boca Raton, Florida-based IP Capital Partners bought the properties on June 20, taking out a $21.45 million mortgage, according to Pinellas County property records.
Building On Success
Montaubin emphasized that the transaction will be “completely seamless” for customers and will have “no impact” on employees in Florida.
“Koozie Group is enjoying great momentum after significant investments in technology, services and product and decoration innovation over the last 18 months, which have resulted in renewed interest in our offerings from customers, as well as attractive growth prospects for the future,” Montaubin says.
“This real estate sale and entry into a long-term lease agreement with IP Capital Partners builds on this success and fits our strategic plan to continue investing in our business and service delivery to create an even better experience for our distributor partners. As most companies do, we let real estate people do real estate so we can focus on our core business.”
