Distinctively designed
with tenants in mind
Tenet Equity is a value-added capital provider for real estate financings. We invest in single-tenant real estate net leased to operating companies across hundreds of different industries throughout the U.S. – helping those companies improve their capital and asset efficiency.
Efficient
Our net lease solutions can help improve margins, free up capital to highest and best uses, and optimize your balance sheet.
Flexible
Our long-term capital and innovative financing structure are purposefully designed to maximize flexibility and responsiveness.
Growth
Our principals are your partners, helping you prepare for the future and increase the value of your business.
Our objective
To help business operators achieve sustainable growth and create lasting value through more efficient capitalization. We provide an important corporate treasury tool that serves as a substitute for traditional debt and equity financing for real estate. By working with Tenet to capitalize operational real estate, our customers can unlock embedded value to grow their business and gain market share without equity dilution.
Our principled approach
We focus on the creation of meaningful and collaborative relationships with our customers. It’s about working smarter, together, with long-term value creation in mind.
Operating companies that take time to improve their capital efficiency are most successful at increasing their shareholder value. Through decades of collective net lease transaction experience, we’ve seen firsthand how operators can benefit from a well-aligned capital partner.
With tenants in mind, we’ve engineered our own capital structure in a way that maximizes operational flexibility. Our work extends beyond the scope of a traditional real estate transaction – we help companies make decisions that increase their shareholder wealth.
Our expertise
The members of our management team have collectively originated $20+ billion of transactions as principal investors in single-tenant real estate. That depth of institutional experience provides our customers with a competitive edge as we work together to accomplish their goals.
Tenet is backed by Cerberus Capital Management, L.P., a global leader in alternative investments with dedicated focus on real estate and middle-market lending.
Our collective expertise uniquely qualifies Tenet to understand the needs of growing business operators and entrepreneurs. Our financings are generally provided in connection with our customers’ broader operational or capital structure activities such as:
Mergers & Acquisitions
Management Buyouts
Corporate Recapitalizations
Lease Refinancing
Tax Efficient Structuring
Land & Building Bifurcations
New Construction Funding
Building Expansions
Our principals
Nicholas
Eggert
Co-Founder, President & Chief Executive Officer
Andrew
Gallagher
Co-Founder & Executive Vice President – Underwriting
Gregory
Jeffers
Co-Founder & Executive Vice President – Acquisitions
Michael
Zieg
Chief Operating Officer & General Counsel
Paul
Farrugia
Senior Vice President & Chief Accounting Officer
Nicholas Eggert
Co-Founder, President & Chief Executive Officer
Nick is responsible for execution of corporate strategy and oversight of all operations for Tenet Equity. He is also a member of the Board of Directors and heads Tenet’s Investment Committee.
Prior to Tenet, Nick served as the Head of US Direct Acquisitions for STORE Capital (NYSE: STOR) where he led the origination, structuring and closing of over $5 billion in investments earning him numerous awards and accolades. He joined STORE in July 2011, shortly after the Company’s inception and was instrumental in establishing its brand and reputation throughout the marketplace, helping the Company grow from a start-up into one of the largest publicly traded net lease REITs in the U.S.
Prior to STORE, Nick served as an investment advisor at Colliers International. During the great financial crisis, his leadership resulted in the execution of more than $1 billion in distressed debt restructuring. Prior to Colliers, Nick provided structuring expertise with Trefethen Capital Partners, a privately-owned, independent investment banking firm. He started his career as a member of the Retail Investment Group at Grubb & Ellis │ BRE Commercial. Nick graduated from the University of Arizona, with a B.S. in Finance and Business Administration.
Andrew Gallagher
Co-Founder & Executive Vice President – Underwriting
Andrew is responsible for the oversight of the credit and real estate departments and serves as chief underwriter for all new investment activity for Tenet Equity. He also contributes to Tenet’s capital markets activity and portfolio financing strategy. Andrew is a member of the Board of Directors and sits on Tenet’s Investment Committee.
Prior to Tenet, Andrew served as Managing Director at STORE Capital (NYSE: STOR), responsible for STORE’s acquisition activity in the Mid-Atlantic region. In that role, he led the origination, structuring, and closing of over $1 billion in net lease investments. Previously, he led the underwriting of over $1.8 billion in net lease investments as part of STORE’s credit team – evaluating a broad range of middle market companies across hundreds of different industries. He also assisted with capital markets and portfolio management activity at STORE. Andrew graduated with a B.A. from the University of Wisconsin at Madison and was a three-time member of the U.S. national rowing team.
Gregory Jeffers
Co-Founder & Executive Vice President – Acquisitions
Greg is responsible for the oversight of the acquisitions & closing departments for Tenet Equity. Greg leads Tenet’s origination efforts and transactional risk management. He is also a member of the Board of Directors and sits on Tenet’s Investment Committee.
Prior to Tenet, Greg served as Managing Director at STORE Capital (NYSE: STOR), responsible for STORE’s acquisition activity across the Midwest. Greg joined STORE in 2018, where he led the origination, structuring, and closing of over $1 billion in net lease investments. Prior to joining STORE, Greg spent six years practicing law, most recently in the corporate real estate group at Jones Day.
As a real estate lawyer, he advised Fortune 500 Companies, U.S. developers, private equity firms and real estate funds in various aspects of real estate transactions, including sale-leasebacks, joint ventures, financings, and leasing. Prior to practicing law, Greg spent three years as a commercial real estate broker with a national brokerage firm, where he focused on investment sales of office, retail and multi-family properties. Mr. Jeffers received a B.S. in Finance & Real Estate from the Kelley School of Business at Indiana University and a J.D. from Chicago-Kent College of Law. He holds a Broker’s license and is admitted to the Illinois State Bar.
Michael Zieg
Chief Operating Officer & General Counsel
Michael is responsible for the oversight of asset management, corporate & legal compliance, information technology, and human resources. He is also a member of the Board of Directors and sits on Tenet’s Investment Committee.
Michael has over 23 years of experience in the net lease real estate industry, with a broad range of experience forming and operating both public and private REITs and similar real estate funds. He was a co-founder of STORE Capital (NYSE: STOR) in 2011 and oversaw its entire net lease portfolio, customer service, and information systems until his departure in 2018. Prior to STORE, Michael was involved with Spirit Finance (now Spirit Realty) from its inception in 2003 until 2010, overseeing portfolio management from 2007 to 2010 for a net lease real estate portfolio in excess of $3.5 billion. His areas of expertise include finance, operations, transaction structuring, legal, credit, and asset management and recovery strategies. Michael was also a partner with the national law firm Kutak Rock LLP, focusing on corporate finance and securities transactions, which is where he worked extensively with Franchise Finance Corporation of America (NYSE: FFA), the first REIT to provide financing to the chain restaurant industry, serving as outside counsel from 1998 until its sale to GE Capital in 2001. Michael earned his Bachelor of Business Administration degree in Finance from Texas A&M University and Juris Doctor from the University of Denver.
Paul Farrugia
Senior Vice President & Chief Accounting Officer
Paul is responsible for the oversight of accounting, financial reporting, financial planning & analysis, and treasury for Tenet Equity.
Paul brings over 15 years of experience as an accounting and real estate professional, including 2 years with Watermark Retirement Communities as National Director of Accounting, 5 years with Spirit Realty (NYSE: SRC), where he most recently served as VP of Accounting and Corporate Controller, and nine years with Deloitte & Touche LLP, most recently as a senior manager in the real estate services group. Paul has extensive experience developing systems and processes to scale growth and compliment talent, has been party to multiple rounds of debt and equity financing encompassing various stages of a company lifecycle, and has led the onboarding of real estate acquisitions in excess of $7.0 billion. Paul graduated cum laude from Grand Valley State University with a Bachelor of Business Administration in accounting and finance and is a Certified Public Accountant.
Contact Us
We’re passionate about what we do, offering the best sale leaseback transaction experience for operators in the net lease industry. Get in touch to learn more about Tenet Equity.