Cypress Associates LLC represented Sea Gate Travel Group in its sale to Hogg Robinson Plc, a portfolio company of Permira Advisors Limited
Sea Gate Travel Group
Case, Pomeroy & Company Inc.
Case, Pomeroy is a diversified real estate investment firm with interests in rental apartment complexes, shopping centers, office buildings and condominiums located primarily in the southeastern United States. In addition, the Company invests in public market equities and other alternative class investments.
CP Newco acquired all of the outstanding shares of Class A and Class B common stock of Case Pomeroy not already owned by CP Newco for $1,855 per share, representing an aggregate value for the Company of $280 million.
Cypress advised CP Newco, Inc. in connection with the merger with Case, Pomeroy & Company, representing shareholders of Case Pomeroy, who owned 71% of the Company. Cypress also rendered a fairness opinion in connection with the transaction.
Reading International
Reading International, Inc develops, owns and operates cinemas and live theaters and other real estate assets in the United States, Australia and New Zealand.
Cypress acted as financial advisor on Reading International Trust preferred private placement.
Apex
VesCor Capital Corporation, directly and through affiliates, controlled approximately a third of an undeveloped industrial complex commonly known as Apex Industrial Park, located in Las Vegas, Nevada. VesCor and its affiliates owned approximately 3,100 acres within Apex. In the spring of 2006, three of VesCor’s affiliates jointly filed for bankruptcy protection under Chapter 11.
In early 2007, the VesCor entities filed a joint plan of reorganization. Certain creditors of the bankrupt entities opposed the plan, challenging, among other things, its feasibility. Cypress acted as financial advisor to the VesCor entities and provided testimony at the confirmation hearing. The VesCor plan was approved by the United States Bankruptcy Court for the District of Nevada.
New York City Multi-Family Property
The company and related entities own a portfolio of rental apartment buildings in New York City.
Cypress structured a series of mortgage financings for the company, the proceeds of which were used to repurchase the minority shareholder’s equity interests in the entities.
Acted as a placement agent and advisor for the first mortgage debt financing
GAIA
PJ Finance Company owns a portfolio of 9,500 multifamily units in major metropolitan areas in the Sunbelt region including Dallas, Phoenix, Atlanta, Houston, Fort Lauderdale and Nashville. The Company filed for bankruptcy in March 2011 with more than $475 million in debt.
Cypress represented Gaia Real Estate in a §363 auction to acquire PJ Finance. The auction was conducted over 72 hours on three separate dates and involved several key terms including the terms of the assumption of debt and the recapitalization of the Company through an equity infusion. Gaia’s bid, financed in part by Starwood, was deemed a better bid over bids submitted by Fortress Investment Group and Oaktree Capital Management.