TVC Holdings, a publicly-quoted investment holding company, said it is teaming up with several investors to acquire 11 Comfort Inn and Quality Hotels in Ireland, from Kasterlee for EUR 41.5 mln. The deal represents a total investment of EUR 46.5 mln, including EUR 3 mln of development capital.
TVC Holdings, a publicly-quoted investment holding company, said it is teaming up with several investors to acquire 11 Comfort Inn and Quality Hotels in Ireland, from Kasterlee for EUR 41.5 mln. The deal represents a total investment of EUR 46.5 mln, including EUR 3 mln of development capital.
The deal marks TVC Holdings' first investment following its successful EUR 50 mln placing and listing on the AIM market of the London Stock Exchange and the IEX market of the Irish Stock Exchange in July 2007. The acquisition of the business will be funded with a combination of equity from TVC Holdings, Pat McCann and Davy Private Clients; and debt from Ulster Bank. TVC Holdings has invested EUR 10 mln of equity giving it a 29% shareholding. A new company will be set up to operate the business. The majority of the properties, providing a total of 1,400 hotel rooms, have been recently developed and are located in prime urban areas.
Shane Reihill, executive chairman and founder of TVC Holdings, said: 'We are delighted to announce this investment so soon after our successful flotation. It clearly demonstrates TVC Holdings’ ability to identify and execute large deals in different market sectors. We believe this investment gives us a significant opportunity, working with Pat and his team, to considerably strengthen and develop this hotel business in both Ireland and the UK, and deliver value to our shareholders.'
