Friday, March 7, 2014

Versa Capital Acquires Corporate Apartments Provider

By John Jordan, contributing writer for Real Estate Forum and GlobeSt.com

Locally-based Versa Capital Management, LLC has acquired BridgeStreet Global Hospitality, an international provider of fully-furnished corporate apartments.
BridgeStreet has a portfolio of more than 50,000 corporate apartments in 60 countries. Versa's investment in the hospitality company follows on the heels of BridgeStreet’s recent rebranding. Terms of the sale were not disclosed.
"BridgeStreet recently has made great strides in establishing itself as the leader of serviced apartment experiences worldwide,” said Gregory L. Segall, CEO of Versa Capital.
“Now that the company is strongly capitalized, with no third party debt, it is well-positioned to accelerate its growth," Segall said. He said the company plans to continue building BridgeStreet’s operations and services.
BridgeStreet CEO Sean Worker said, “Versa is the ideal owner for our strategy, with the resources and expertise to help us continue to build and grow." 
Versa Capital is a private equity investment firm with more than $1.4 billion of assets under management. Its portfolio includes retailers such as Avenue Stores, EMS and Bob’s Stores; restaurant Black Angus Steakhouses; community newspapers under Civitas Media; and systems manufacturers such as Bell and Howell.

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