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NAGOLD, GERMANY-United Kingdom-based Wagon plc, a manufacturer of vehicle body structures, is working a sale-leaseback of two manufacturing sites–Waldaschaff and Nagold–with WP Carey & Co. LLC for $58 million through their publicly-held, non-traded REITs–CPA(R):15 and CPA(R):17. WL Ross & Co. LLC will also provide funding of approximately $70 million to the manufacturer in the form of special rights offering of Wagon Common shares.

Wagon was originally a railway wagon repair business, but has altered its focus over the years to automobiles. Specializing in design, engineering and manufacturing of body structures and closure systems, Wagon’s customers include Peugot, Renault, Daimler and Volkswagen with 22 plants in 10 countries.

“The new capital from WL Ross and WP Carey comes at an ideal time,” explains Richard Cotton, CFO of Wagon, in a statement. “It enables us to fund our growth initiatives, support the company’s recent contract wins with IVECO and Porsche, and repay existing debt facilities.”

WP Carey is also providing $10.5 million in financing to meet Wagon’s expansion plan. While WL Ross uses its deal to increase its stake in Wagon from 15% to more than 75%. WL Ross is a principal investment firm and specializes in helping distressed companies. WP Carey provides long-term sale-leaseback and build-to-suit financing for companies.

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