Mergers & Acquisitions

Sales continued to decline at Office Depot in the third quarter, but CEO Roland Smith said excellent execution allowed operating profits to more than double.

Total company sales on a pro-forma basis to reflect the merger of Office Depot and OfficeMax declined 3% to $4.1 billion during the period ended Sept. 27. The top line decline was steeper at the company’s 1,851 unit North American retail division where sales declined 7% to $1.7 billion due to store closures and a 3% same store sales decline driven by a reduced transaction volume. 

Omaha, Nebraska -- Lozier Corporation, a provider of store fixtures to major retailers around the world, announced the acquisition of the Leggett & Platt Store Fixtures Group, another leading manufacturer of retail fixtures.  

Sandy, Utah -- A partnership between Pacific Retail Capital Partners, Silverpeak Real Estate Partners and the merchant banking division of Goldman Sachs announced that it has acquired the 1.3 million-square-foot South Towne Center Mall and Marketplace in Sandy, Utah.   

Whitehouse, Ohio -- Devonshire REIT announced the acquisition of three shopping centers at a total cost of $69.75 million: Maple Hill Mall in Kalamazoo, Mich., Alpine Summit Shopping Center in Grand Rapids, Mich. and Northwest Crossings Shopping Center in Knoxville, Tenn.  

Dallas -- CBRE Capital Markets’ Retail Investment Properties team announced the sale of Towne Square Shopping Center in Plano, Texas. Dallas-based Norman J. Hoppenstein purchased the retail center from an undisclosed seller.  

New York –- Kurt Salmon has named Brian Ehrig as a partner in its Retail and Consumer Products Group.   Ehrig has spent the last 16 years creating new operational strategies and product offerings for retail and consumer goods companies, as well as leading transformation projects, including those for new market entrances and involving new retail concepts. Ehrig's most recent role was director at PwC.  

In the rapidly changing landscape for payments, market leader Vantiv is changing more rapidly than most as evidenced by dramatic growth in its transaction volume, revenues and profits.

Each of those measures surged during the company’s third quarter ended September 30. Thanks in large part to acquisitions, transaction volume in the merchant service group increased 31% which caused net revenue to increase 42% to $297.7 million. The company’s total revenue increased 31% to $697.1 million while adjusted net income increased 21% to $96.9 million, or 49 cents a share.

Flower Mound, Texas -- UCR Dallas announced that Luna Grill opened its first Texas location in October, debuting at Riverwalk Market at the northeast corner of FM 2499 and FM 1171 in Flower Mound, Texas.

 

The Mediterranean restaurant leased 2,200 sq. ft. with an outdoor patio. Luna Grill currently has 16 locations in California and Texas, and expects to open more in 2015. 

Arlington, Texas -- UCR Investment Sales, a division of UCR, announced the sale of Arlington Park Square, a 94,125-sq.-ft. value-add specialty retail center located in Arlington, Texas.   

Goodlettsville, Tenn. -- Dollar General Corp extended its $80-a-share tender offer to acquire rival Family Dollar Stores Inc. from Oct. 31, 2014, to Dec. 31, 2014, unless further extended. It is the second time Dollar General has extended its offer.     About 4 million shares, or some 3.6% of Family Dollar's total share capital of about 114 million, had been validly tendered into the offer as of Oct. 30, Dollar General said in a statement.