FORT LAUDERDALE, FLA. — Apartment Investment and Management Co. (Aimco) has hired Steve Witten to focus on acquisitions as the new senior advisor to the REIT’s chairman and CEO, Terry Considine. Witten previously worked with Marcus & Millichap for the past 20 years, where he helped found the firm’s Institutional Property Advisors (IPA) division. Witten will be based in Fort Lauderdale and will focus on providing support for Aimco to increase its multifamily portfolio across South Florida. Witten graduated from Temple University in 1972 and completed the Certified Commercial Investment Member (CCIM) program in 1984.
IRVING, TEXAS — Following a merger with the parent company of the Chuck E. Cheese brand, London-based Leo Holdings Corp. plans to rebrand itself and take the new company public on the New York Stock Exchange (NYSE) under the ticker symbol “CEC.” The enterprise value of the combined company, which will be known as Chuck E. Cheese Brands Inc., is estimated at $1.4 billion. Leo Holdings, which is self-described as a special purpose acquisition firm, has entered into a “definitive business combination agreement” with Queso Holdings Corp., which is the parent company of CEC Entertainment Inc., the owner, operator and leading franchisor of the family dining and entertainment brand Chuck E. Cheese. The other principal in the merger agreement is Queso’s controlling stockholder, an entity owned by funds managed by affiliates of Apollo Global Management LLC (NYSE: APO), a publicly traded equity firm based in New York. CEC Entertainment is based in the Dallas suburb of Irving and also owns, operates and franchises Peter Piper Pizza, a family dining concept. As of year-end 2018, CEC Entertainment and its franchisees operated a system of 606 Chuck E. Cheese venues and 144 Peter Piper Pizza restaurants, with locations in 47 states and …
MINNEAPOLIS AND AUSTIN, TEXAS — NorthMarq Capital has acquired Austin-based Texas Realty Capital (TRC), a deal that adds a $900 million servicing portfolio to the Minneapolis-based intermediary’s holdings. The acquisition brings NorthMarq’s total servicing portfolio to more than $56 billion. Since TRC’s founding in 2006, the commercial mortgage banker has placed more than $3 billion in commercial debt with nearly 30 capital sources. TRC principals Jim Lemos, John Morran and Matt Counts, along with the firm’s five other employees, will all join NorthMarq. In business since 1960, NorthMarq Capital has grown to more than 550 employees. During the past 12 months, the company has added six investment sales offices, most recently in San Diego.
Kellogg to Sell Cookie and Snack Businesses for $1.3B, Including Seven Food Manufacturing Facilities
BATTLE CREEK, MICH. — Kellogg Co. (NYSE: K) has agreed to sell select businesses in its cookie, snack and pastry lines to Italian candy giant Ferrero Group for $1.3 billion. The sale also includes six Kellogg-owned food manufacturing facilities across the United States, as well as a Kellogg-leased facility in Baltimore. The six food plants include two assets in Chicago; two in Florence and Louisville, Ky.; one in Allyn, Wash.; and another in Augusta, Ga. Ferrero and its affiliated companies will acquire Kellogg brands such as Keebler, Mother’s, Famous Amos, Murray’s and Murray’s Sugar Free, as well as cookies manufactured for Girl Scouts of the U.S.A. by Little Brownie Bakers. The sale also includes Kellogg’s fruit and fruit-flavored snacks, pie crusts and ice cream cones businesses. In 2018, these combined businesses recorded net sales of nearly $900 million and operating profit of approximately $75 million, according to Kellogg. The Battle Creek-based food manufacturer will retain the rest of its North American snacking businesses, including its crackers, salty snacks, healthy snacks and toaster pastries brands such as Pop-Tarts, Eggo, Cheez-It and Pringles. Kellogg and Ferrero expect the transaction to close in July. Evercore was lead advisor to Kellogg on the transaction, …
NEW YORK CITY — Ready Capital Corp. (NYSE: RC) and Owens Realty Mortgage Inc. (NYSE: ORM) have officially completed their merger. As of March 29, ORM ceased to be publicly traded on the New York Stock Exchange. The newly combined company will conduct business under the name Ready Capital Corp. and will continue to trade on the NYSE under the symbol RC. In addition, pursuant to the merger agreement, the size of Ready Capital’s board of directors has increased from six to seven members. Gilbert E. Nathan, an independent director of ORM, was appointed to Ready Capital’s board of directors. Ready Capital specializes in small- to medium-sized balance commercial loans. Maryland-based Owens Realty Mortgage is a specialty finance mortgage company that provides customized, short-term acquisition and transition capital to small balance and middle-market investors.
NATICK, MASS. — Online home goods retailer Wayfair Inc. has announced plans to open its first full-service store at the Natick Mall in Natick. At the Wayfair store, service and home-design experts will be available to consult shoppers on home décor, furniture and other products. Customers can purchase an assortment of home décor products, as well as place orders for home deliveries. The location, which is slated to open in the fall, will be 3,700 square feet. The Boston-based company generates roughly $7 billion in annual revenue from online purchases.
NEW YORK CITY —Tommy Hilfiger has closed its flagship store on Fifth Avenue in Manhattan, and the apparel retailer also plans to shutter its store on Collins Avenue in Miami on April 28. These moves mark the closing of the only two full-price Tommy Hilfiger stores in North America. According to executives, the closures will enable the company to direct resources and capital toward experimentation with new retail concepts and experiences, with an emphasis on appealing to younger customers. The four-story flagship store originally opened in 2009. Tommy Hilfiger is the latest apparel retailer to shutter a store on Fifth Avenue, following the likes of Lord & Taylor, Gap and Abercrombie & Fitch.
NASHVILLE, TENN. — LifeWay, a Christian bookseller based in Nashville, announced its plan to close all 170 of its physical bookstores. The bulk of the company’s stores are in the Southeastern United States, with a large concentration of locations in Texas and Ohio. A full list can be found here. LifeWay expects to close all of its physical locations by the end of the year, and the timing of store closings will vary depending on local circumstances. In January, the company announced it would reduce the number of its retail locations due to declining customer traffic and sales, but has since pivoted. “While we had hoped to keep some stores open, current market projections show this is no longer a viable option,” says Brad Waggoner, acting president and CEO of LifeWay following the retirement of Thom Rainer last month. “The decision to close our local stores is a difficult one. LifeWay has developed close connections with the communities where our stores are located, and we have been honored to serve those communities.” LifeWay is neither closing nor filing for bankruptcy, instead focusing on its digital platform, customer service center and its network of church partnerships. Details about the lease terms …
CHICAGO AND DALLAS — JLL (NYSE: JLL) and HFF (NYSE: HF) have entered into a definitive agreement for JLL to acquire all outstanding HFF shares in a cash and stock transaction valued at approximately $2 billion. Chicago-based JLL, a giant in the commercial real estate industry with a total market cap of approximately $7.4 billion, is a professional services firm that specializes in real estate and investment management. Dallas-based HFF is a full-service commercial real estate financial intermediary. Under the terms of the agreement, HFF shareholders will receive $24.63 in cash and 0.1505 JLL shares for each HFF share. Based on the closing price of JLL stock of $163.02 on March 18, the cash and stock consideration to be received by HFF shareholders at closing is valued at $49.16 per HFF share. When finalized, existing JLL shareholders are expected to represent 87 percent of shareholders, and existing HFF shareholders will make up the other 13 percent. The transaction has been unanimously approved by the boards of directors of both companies. The deal is expected to close in the third quarter of this year. Two years ago, JLL unveiled Beyond, its global strategic vision to drive long-term and sustainable growth. As …
NEW YORK CITY — Berkadia has acquired Central Park Capital Partners (CPCP), a boutique real estate capital advisory firm focused on arranging joint venture investments and structured capital from international and domestic sources. CPCP Managing Principal Noam Franklin and principals Chinmay Bhatt and Cody Kirkpatrick will launch Berkadia’s structured capital group to offer support and resources to Berkadia clients.