According to Yahoo Finance, Washington Trust’s Commercial Real Estate Group recently provided $2.6 million to Curo Elmwood, LLC, for the refinancing of a Walgreens drugstore located at 533 Elmwood Avenue in Providence, RI. The 2.13-acre property, well located in South Providence, provides customers with 13,930 square-feet of retail space including a pharmacy drive through window. Walgreen’s is the largest drugstore chain in the US, and the Elmwood Avenue location is currently one of the Company’s highest producing stores.
“With the heavy traffic on Elmwood Avenue and familiarity of the Walgreens name, this property is primed for continued success,” said Joseph J. MarcAurele, Washington Trust Chairman and Chief Executive Officer.
Curo Elmwood, LLC is managed by Curo Enterprises out of New York.
Posted in 2015 Recap, Breaking news, equity capital market, Equity Markets, M&A, Mergers and Acquisitions
Tagged (WASH), commercial banking, Curo Elmwood, Golden Networking, Inc., Joseph J. MarcAurele, LLC, Modern Finance Report, mortgage banking, personal banking, Walgreens Drugstore, Washington Trust Bancorp, Washington Trust's Commercial Real Estate Group, Wealth Management
What took center stage in the tire retailing arena in the past year? That would have to be M&A — mergers and acquisitions — with more than 100 retail stores changing hands in more than a dozen transactions.
Monro Muffler Brake Inc. continued as the king of M&A, adding 61 stores in the past year through five acquisitions, moving into Florida and Michigan for the first time.
Pep Boys – Manny, Moe & Jack added 19 locations but lost its top executive, Mike O’Dell, who resigned Sept. 26 as the firm fell into the red in the first half of its current fiscal year. The Philadelphia-based auto service, tires and parts retailer named John Sweetwood, a director since 2002, to replace him as interim CEO.
Posted in 2015 Recap, Breaking news, Corporate Finance, Economy, emerging markets, equity capital market, Equity Markets, Events, Finance, Financial Conferences
Tagged Aaron’s Inc, ATV Inc./American Tire Depot, Express Oil Change & Service Center L.L.C., Florida, Golden Networking, John Sweetwood, John Van Heel, Kan, Lawrence, Les Schwab Tire Centers Inc., M&A — mergers and acquisitions, Michigan, Mike O’Dell, Moe & Jack, Monro Muffler Brake Inc, National Tire & Battery (NTB), Pep Boys, Rob Wise, TBC, Tire/America
In the first session of the week, a flurry of M&A news offered a welcome distraction from the dire economic consequences of the ever sliding price of crude oil and the run on commodities, but the Footsie nevertheless closed at a two-week low.
Vodafone fell 6.75p to 227.2p on unconfirmed reports the telecoms group is considering acquiring Liberty Media.
However, Balfour Beatty was in demand after receiving a £1billion approach for its lucrative Public Private Partnership division from the John Laing Infrastructure Fund, which intends to finance the offer with a major rights issue. Shares were up 7.8p to 191.1p.
Posted in 2015 Recap, Breaking news, Commodities, Corporate Finance, emerging market, equity capital market, Equity Markets, equity trading, Events, M&A, Mergers and Acquisitions
Tagged Asia-focused Cathay Pacific, Balfour Beatty, British Airways, Citigroup, crude- oil, David Madden, FTSE, Golden Networking, JKX Oil & Gas, JP Morgan, Liberty Media, Modern Finance Report, OPEC, PetroCeltic, RBC, Saudi Arabia, SkyePharma, ucrative Public Private Partnership division
Spectrum Brands (NYSE: SPB) announced it has completed the acquisition of Procter & Gamble’s (NYSE: PG) European pet food business, consisting of the complementary IAMS® and Eukanuba® premium brands for dogs and cats. Financial terms of the accretive transaction were not disclosed. A definitive agreement was announced on September 23.
“The addition of these leading brands in an adjacent category better balances the product portfolio of our global pet business while significantly expanding its product offerings and geographic footprint,” said Dave Lumley, Chief Executive Officer of Spectrum Brands Holdings.
“We see major cross-selling opportunities given the strength of our existing aquatics and companion animal supplies business in Continental Europe and the particularly strong position of these dry pet food brands in the U.K.,” Mr. Lumley said. “Over the next few years, we also expect important synergies in overhead, SG&A, and manufacturing and distribution.”
Posted in 2015 Recap, Corporate Finance, Economy, emerging markets, equity capital market, Equity Markets, Events, Finance, M&A, Mergers and Acquisitions
Tagged Chief Executive Officer, Continental Europe, cross-selling, Dave Lumley, Eukanuba®, food brands, Golden Networking, IAMS®, M&A, Modern Finance Report, P&G, Procter & Gamble, SG&A, Spectrum Brands, the Board of Spectrum Brands Holdings