317: Industrial Sale-Leasebacks & PE Deal Structuring – Sequoya Borgman

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317: Industrial Sale-Leasebacks & PE Deal Structuring - Sequoya Borgman

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In this episode of The Big Mike Fund Podcast, host Mike Zlotnik (“Big Mike”) sits down with Sequoya Borgman, CEO and Founder of Borgman Capital. Sequoya shares insights from two decades in big international public accounting and 10+ years leading Borgman Capital through 22 company acquisitions and extensive industrial real estate investments.

They dive deep into the mechanics of NNN sale-leasebacks, explaining how decoupling real estate from lower middle-market business acquisitions boosts deal IRR while reducing equity and debt requirements. The discussion covers middle-market EBITDA multiples (5x–8x), industrial cap rates (7%–8.5%+), deal structuring using Special Purpose Vehicles (SPVs) with 80/20 splits, and how AI trends are influencing real estate and manufacturing investment decisions.

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Timestamps

00:13 – Guest Introduction: Sequoya Borgman, CEO & Founder of Borgman Capital
01:39 – Borgman Capital’s Footprint & Focus on Lower Middle-Market Deals
03:38 – How Industrial Sale-Leasebacks Boost Private Equity IRR 05:02 – EBITDA Multiples (5x–8x) vs. Industrial Cap Rates (7%–8.5%+)
07:08 – Inflation Protections & Annual Rent Escalation Clauses in NNN Leases
12:59 – Structuring Deals via SPVs, GP Control & LP Capital Stacks 16:44 – Macro Outlook: Inflation, Interest Rates & PE Exits
24:13 – Cash Flow Distributions (8%–10%) & Long-Term Hold Strategies
27:08 – The Impact of AI & Data Center Expansion on Industrial Real Estate

Connect with Guest:
Website: www.borgmancapital.com
Website: www.passthehat.com
LinkedIn: https://www.linkedin.com/in/sequoya-borgman-8a6057a/

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