SAB Capital placed a $5 million industrial sale leaseback (“SLB”) in the South Bend–Mishawaka Metro. The SLB proceeds funded 100% of the capital required to purchase a label manufacturer + its plant. This provided the business acquirer with a non-dilutive and covenant-free source of financing, at an interest rate handsomely cheaper than bank or corporate debt. This strategy provided the business acquirer with a unique opportunity to purchase tactical labeling capabilities at a below-market earnings multiple.