There have been a few interesting business acquisitions (both large corporations and SMEs) in the New York area recently. Here are three recent examples: Castle Harlan Inc., Verizon Communications and Ascott Residence Trust.
First, in the hedge fund industry, Gold Star Foods (a portfolio company of the NY private equity firm Castle Harlan, Inc.), just acquired A&R Wholesale Distributors. Since its been with Castle Harlan, Gold Star has made two other acquisitions. The company facilitates how states and local school districts nationwide can comply with complex state and federal regulations covering government funding and nutritional content requirements for school meal programs.
Second, two days ago, in the telecommunications industry, Verizon Communications officially acquired Yahoo! for a $4.5 billion price tag. This will impact the entire nature of the firm which will be rebranded into Oath – a new subsidiary led by Tim Armstrong, current CEO of AOL. Armstrong’s public statement included the following:
“We’re building the future of brands using powerful technology, trusted content and differentiated data. Now that the deal is closed, we are excited to set our focus on being the best company for consumer media, and the best partner to our advertising, content and publisher partners.”
Third, in the hospitality industry, Ascott Residence Trust (Ascott Reit) is in the process of purchasing DoubleTree – a luxurious Manhattan hotel near Times Square for $106 million. If this goes through, this will give Ascott Residence Trust 1,004 hotel rooms spanning three properties (having made two other hotel purchases in the last two years – Sheraton Tribeca New York and the Element New York Times Square West). Other interesting numbers on this are that once completed, 12.3 percent of Ascott Reit’s total asset will be US based, its fourth largest (Singapore, Japan and China taking the first three spots).
The next steps forward for Gold Star Foods, Verizon Communications and Ascott Residence Trust will be interesting to see.