Top 40 supplier Koozie Group (asi/40480) has sold three of its facilities in Pinellas County, FL, to IP Capital Partners for nearly $36 million and is leasing back the properties from the investment firm.

The Tampa Bay Business Journal reported that the sale consisted of two light-manufacturing facilities in Largo, while the third property, in St. Petersburg, is marked for heavier industrial operations. The sale price reported was $35.9 million.

Pierre Montaubin, Koozie Group (asi/40480)

Through the leaseback, Clearwater, FL-headquartered Koozie Group will continue to work out of the facilities. Executives said the real estate ownership change will not affect operations, will be “seamless” for customers and have no impact on Florida-based employees.

“This real estate sale and entry into a long-term lease agreement with IP Capital Partners fits our strategic plan to continue investing in our business and service delivery to create an even better experience for our distributor partners,” CEO Pierre Montaubin, a member of Counselor’s Power 50 list of promo’s most influential people, said in a statement to ASI Media.

Montaubin added that “Koozie Group is enjoying great momentum after significant investments in technology, services and product and decoration innovation over the last 18 months.”

Koozie Group recently saw one of its pens go viral thanks to some much-viewed praise from a TikToker. To keep the momentum going, the firm later invited the influencer to its headquarters for a tour.

Based on reported 2022 North American promotional product revenue of $317 million, Koozie Group ranked seventh on Counselor’s most recent list of the largest suppliers in the industry. The new rankings are due out this summer.