Revolution Capital Completes Sale of Tribune Real Estate
TAMPA — A South Florida developer has closed on a deal to purchase the headquarters of The Tampa Tribune, paving the way for development of a 400-unit residential complex on the west bank of the Hillsborough River. Tampa Media Group, owner of the Tribune, sold the building to The Related Group of Miami. A deed filed with the Hillsborough County Clerk of the Circuit Court put the sale price at $17.75 million.
Tampa Media Group is a subsidiary of Revolution Capital, a Los Angeles-based investment group that acquired the Tribune from Media General of Richmond, Virginia, in October 2012.
Related Group has developed luxury condominium projects in downtown Miami, Miami Beach and Broward County, and one on the drawing boards in Atlanta. Related Group built the Pierhouse at Channelside apartment complex, with 356 units, and is building a 21-story apartment tower on Harbour Island with 340 units. The company has filed plans for an eight-story, 400-unit residential complex with a 10,000-square-foot restaurant on the Tribune site.
The Tribune deal represents further confidence in downtown Tampa's residential real estate market. While much attention has been focused on the Channelside and downtown core areas, where Tampa Bay Lightning owner Jeff Vinik has proposed a $1 billion redevelopment of roughly 40 acres, the city and developers have also homed in on the west bank of the Hillsborough River.
"We've said from the moment we set foot in the office, the goal was to make the river the center of our urban existence, not the western edge," Tampa Mayor Bob Buckhorn said. The Tribune deal, Buckhorn said, "is the first big step and a significant signal that this is going to happen. I think other investment will follow."
REVOLUTION CAPITAL GROUP COMPLETES RECAPITALIZATION OF MAYSTEEL
Revolution Capital Group is proud to announce that Maysteel successfully recapitalized its financial structure with a $10 million dollar facility in partnership with The Private Bank and Trust Company (Private Bank).
The strategies and changes that were implemented, as part of a turnaround, are well underway. This has allowed Maysteel to complete this transaction with Private Bank. The facility also allows flexibility for future capital investments along with the opportunity for strategic acquisitions.
"We are extremely pleased with the flexibility and partnership that Private Bank provided for us" said Stanley Huang, CFO of Revolution Capital Group, "and we look forward to exciting growth and new opportunities for Maysteel in the future."
REVOLUTION CAPITAL GROUP COMPLETES ACQUISITION OF MAYSTEEL
Revolution Capital Group today announced that it has acquired Maysteel, a Wisconsin-based manufacturer of precision sheet metal enclosures.
“Maysteel has been a market leader for nearly eight decades in providing full service sheet metal manufacturing solutions. This acquisition fits with Revolution’s plan to expand its portfolio of high-quality manufacturing companies, and we are impressed with Maysteel’s products, people and commitment to the community. We look forward to continuing to achieve the gold-standard Maysteel has established in serving its customers,” said Jeff Gray, Managing Director of Revolution Capital Group.
Kevin Matkin, President of Maysteel, said that Revolution’s vision for Maysteel builds on what the company has done to strengthen its position over the past several years. “Revolution is poised to maximize the opportunities in the marketplace. They can take full advantage of the equipment and facilities now in place that will allow the business to grow. Maysteel has been an important part of the area for a long time, and Revolution shares our commitment to being an active member of the community,” Matkin said.
MEDIA GENERAL, INC. HAS SOLD THE TAMPA TRIBUNE TO Revolution Capital Group
RICHMOND, Va. – Media General, Inc. (NYSE: MEG), a local broadcast television and digital media company, announced today that it has sold The Tampa Tribune and its associated print and digital products to Revolution Capital Group. The sale price was $9.5 million, subject to adjustments for working capital and other items, yielding net proceeds before expenses of approximately $2 million.
“It’s a bittersweet day for Media General to complete the sale of its last remaining newspaper group,” said Marshall N. Morton, president and chief executive officer. “The Tampa Tribune was our largest and second oldest newspaper. Many Tribune employees have decades of service. The Tribune staff has been extraordinarily dedicated to providing their readers with excellent journalism, creating value for their advertisers and supporting the local community. We are pleased that they will have the opportunity for continued future success serving the Tampa community with excellent local content. We will miss our colleagues at The Tribune and its associated print and digital platforms, and we wish them the very best,” said Mr. Morton.
Robert Loring, founder and managing partner of Revolution Capital Group, said, “We are delighted to be the new owner of The Tampa Tribune, a newspaper with strong brand equity and a long history of serving its readers, advertisers and community exceedingly well. We believe strongly in the value of local content.”
Cyrus Nikou, founding partner of Revolution Capital Group, said, “The prospects for future success are strong for The Tampa Tribune and its associated print and digital platforms. We will lead an orderly transition, focused on the needs of our customers, and we look forward to working with The Tribune management team to position the business for future growth.”
REVOLUTION CAPITAL GROUP BUYS CAPXG
Revolution Capital Group, a Los Angeles based private equity firm, has today announced a majority investment in the Capital Exchange, or CapXG, an interactive, web-based, networking site serving the financial community. The company connects Investment Banks, Private Equity firms, Hedge Funds, M&A professionals and lending institutions all through a free, interactive networking site. This marks Revolution Capital Group’s third transaction since its founding in 2009.
“There has been a tremendous amount of technical expertise and research put into this site. We feel that with Revolution’s operational and business development acumen, CapXG will become a staple resource for the financial community,” said Robert Loring, Revolution’s Founder and Managing Partner.
CapXG is an online conduit that connects financial institutions, private businesses and institutional lenders, and is immediately accessible through a customizable software tool. Users are able to update, post and share their information at no cost.
Cyrus Nikou, Revolution’s Founding Partner, said, “We feel that CapXG is superior to the few competing sites out there, and fills a void that exists in the financial community. The site differentiates itself by its breadth of information, ease of use, technical construction and the fact that it is free to users.”
CapXG is also flexible in its architecture so it can respond to feedback from the financial community. It is the only free, dynamic, fully expandable, web based financial software database that exists today.
Gary Alcock, Vice President of M&A who led the transaction, said, “If you need to display or filter any Private Equity firm, M&A Professional or portfolio company — or require Senior, Mezzanine or ABL lender information — we have it. Users can also sort by revenue, industry, geography, and a host of other metrics to conduct either narrow or far-reaching database searches.”
CapXG operations will be led by Chongyang Luo, CTO and Operations Director for the Capital Exchange and Director of Technology for Revolution Capital Group.
REVOLUTION CAPITAL GROUP COMPLETES ACQUISITION OF DOVE PROFESSIONAL APPAREL INC.
Revolution Capital Group, a Los Angeles based private equity firm, founded by Robert Loring Jr. and Cyrus Nikou, today announced a definitive agreement to acquire Dove Professional Apparel, a San Diego based manufacturer of medical uniforms servicing the healthcare and educational sectors.
Established in 1985, Dove is a nationally recognized brand and is the largest company in its marketplace. Dove products are used in hospitals throughout the U.S. and are recognized as a superior brand leader in the medical and educational communities.
Founding Partner Cyrus Nikou stated, “Revolution brings additional entrepreneurial and operational resources to Dove's Management team. We will aggressively look to grow the business organically as well as through acquisition. They have done a great job here of establishing brand equity, superior quality products and a well diversified customer base. We are excited about taking this business to the next level.”
The acquisition marks the first deal for Revolution Capital Group since its founding in January of this year. Robert Loring, Founder and Managing Partner of Revolution stated, “This deal marks the beginning of a strategy to provide operational and financial resources to the businesses we buy, fair value to corporations looking to divest, and most importantly, jobs to people in a tough economic landscape.”