New Mountain Capital, LLC announced that funds advised by New Mountain Net Lease have completed the $640 million acquisition of a 53-asset net lease portfolio, marking the platform’s largest transaction since its launch in 2016. 

The portfolio spans 16 U.S. states with additional assets in Canada, the UK, and Germany, and features long-term leases with 11 institutional-grade tenants. Assets are concentrated in mission-critical manufacturing facilities supporting industries such as food distribution, industrial machinery, components, pharmaceuticals, biotech, and life sciences. 

The acquisition was executed through New Mountain Net Lease Partners II, L.P., which closed in June 2023 with $825 million in equity commitments. 

“We will continue to focus on mission-critical assets in defensive growth sectors, where we believe that we are well positioned to pursue the most attractive opportunities in the net lease asset class,” said Teddy Kaplan, managing director and head of New Mountain Net Lease. 

Since inception, the Net Lease strategy has closed $3.5 billion of acquisitions across 65 transactions. Parent firm New Mountain Capital, headquartered in New York, manages nearly $55 billion in assets across private equity, strategic equity, credit, and real estate strategies.