NEW YORK, Oct. 1, 2018 /PRNewswire/
-- Alleghany Capital Corporation ("Alleghany Capital"),
a wholly-owned subsidiary of Alleghany Corporation, today announced
that it has acquired a majority interest in Concord Hospitality
Enterprises Company ("Concord"), a
leading hotel management and development company headquartered in
Raleigh, North Carolina.
Founded in 1985, Concord manages
over 100 properties and nearly 15,000 rooms across North America, working with leading brands
including Marriott, Hilton, Hyatt, Choice, and InterContinental, as
well as a diversified group of experienced hotel owners and
investors.
David Van Geyzel, President and
Chief Executive Officer of Alleghany Capital, stated, "Concord is one of the most reputable companies
in the hospitality industry with a great culture and long history
of working with its associate, brand, and owner partners to create
the highest quality guest experiences. Our investment in
Concord is consistent with
Alleghany Capital's strategy of investing in durable platform
companies in large fragmented sectors that would benefit from our
long-term investment horizon, quasi-autonomous operating model, and
ability to support entrepreneurial management teams with additional
capital as they aim to accelerate growth. We are excited to
partner with Mark Laport,
Concord's President and Chief
Executive Officer, and his dedicated team of approximately 5,000
associates, and we look forward to what we can all build together
in the years to come."
"This transaction presents Concord with an exciting opportunity to
continue to expand while remaining committed to the values that
have guided us over the past three decades and have created our
thriving culture," said Mark Laport.
"At Concord, we believe in five cornerstones: delivering quality,
living integrity, supporting community, growing profitability, and
having fun. Alleghany Capital shares these values and its
strategy of providing a long-term home to entrepreneurial
businesses will allow us to further enhance our portfolio and
execute on a robust pipeline of opportunities through initiating
ground-up developments and building quality third-party
partnerships. We are eager to work together with Alleghany
Capital to build upon our proven model of success and continue to
provide the service excellence that guests, partners, and other
stakeholders have come to expect from Concord."
Udi Toledano, Chairman of
Alleghany Capital, added, "In evaluating the hospitality market, we
identified Concord as a unique and
compelling platform which we could support as it continues to
expand its market presence. As is the case with all of our
acquisitions, day-to-day operations and the company's unique
culture will not be impacted by the transaction. However,
with the addition of Alleghany Capital's resources, we believe that
Concord will be able to pursue an
even greater set of opportunities."
RBI Advisors acted as financial advisor and Proskauer Rose LLP
acted as legal counsel to Alleghany Capital. Morris, Manning
& Martin, LLP acted as legal counsel to Concord.
About Alleghany Capital Corporation
Alleghany Capital Corporation sources, executes, and oversees
industrial and non-industrial investments and acquisitions for its
parent company, Alleghany Corporation (NYSE:Y). Alleghany
Capital's industrial businesses include: (i) Bourn & Koch,
Inc., a manufacturer/remanufacturer of specialty machine tools and
supplier of replacement parts, accessories and services for a
variety of cutting technologies; (ii) R.C. Tway Company, LLC (dba
Kentucky Trailer), a manufacturer of custom trailers and truck
bodies for the moving and storage industry and other markets; (iii)
WWSC Holdings, LLC, a structural steel fabricator and erector for
commercial, manufacturing, and transportation infrastructure
projects; and (iv) Wilbert Funeral Services, Inc., a leading
provider of products and services for the funeral and cemetery
industries and precast concrete markets. In addition to
Concord, Alleghany Capital's
non-industrial businesses include: (i) IPS-Integrated Project
Services, LLC, a design, engineering, procurement, and construction
management company focused on the global pharmaceutical and
biotechnology industries, and (ii) Jazwares, LLC, a global toy,
entertainment and musical instrument company. For additional
information about Alleghany Capital Corporation, please visit
www.alleghanycc.com.
About Concord Hospitality Enterprises Company
As an award-winning hotel development and management company,
Concord Hospitality Enterprises Company has spent the last three
decades building relationships with investors, partners, and
third-party hotel owners on more than $2.5
billion in premium-branded properties across the United States and Canada. As an operator, Concord
Hospitality instills value from the ground up, developing and
managing with a sustainable viewpoint, a focus on quality and
hands-on involvement to ensure long-term profitability and success.
Concord Hospitality believes that its people are its greatest
strength. With the brightest talent, the most innovative
processes and a commitment to giving back to the communities where
associates live and work, Concord Hospitality is committed to being
a great place to work for all. Learn more at
www.concordhotels.com.
Forward-looking Statements
This release contains disclosures which are forward-looking
statements as defined in the Private Securities Litigation Reform
Act of 1995. Forward-looking statements include all
statements that do not relate solely to historical or current
facts, and can be identified by the use of words such as "may,"
"will," "expect," "project," "estimate," "anticipate," "plan,"
"believe," "potential," "should," "continue" or the negative
versions of those words or other comparable words. These
forward-looking statements are based upon Alleghany's current plans or expectations and
are subject to a number of uncertainties and risks that could
significantly affect current plans, anticipated actions and
Alleghany's future financial
condition and results. These statements are not guarantees of
future performance, and Alleghany
has no specific intention to update these statements. As a
consequence, current plans, anticipated actions and future
financial condition and results may differ from those expressed in
any forward-looking statements made by Alleghany or on Alleghany's behalf.
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SOURCE Alleghany Capital Corporation