Rinani Acquires KL City FC

Feb 10, 2023 | Business

Rinani Group Berhad, a financial consulting firm, is pleased to announce the acquisition of Kuala Lumpur City FC (KL City FC), Asia’s second-best team in the Asian Football Confederation (AFC) Cup last year, champions of the 100-year old Piala Malaysia in 2021 for the fourth time in the club’s history and winner last Saturday of the Federal Territory Minister’s Trophy for the second time.

Kuala Lumpur Football Association (KLFA) president Khalid Abdul Samad (seated left) and Rinani director Azri Azerai (seated right) exchanging the agreement, witnessed by Youth and Sports Minister Hannah Yeoh (centre)

Rinani director Azri Azerai said, “We welcome KL City FC to the Rinani family, which consists of MGRC (Malaysian Genomics Resource Centre Berhad), Bintai Kinden Corporation Berhad, SCIB (Sarawak Consolidated Industries Berhad) and Reneuco Berhad who are joining us on this venture. We look forward to KL City FC continuing to be a trailblazer, with the support of our fans.”

“KL City FC, now an elite club, will keep pushing boundaries and continue to be a professionally managed football club with “football decisions” being the core. We would also like to thank the Kuala Lumpur Football Association (KLFA) for the work that they have done.”

“Our acquisition of KL City FC is part of the mandatory privatisation process that the Malaysian Football League is enforcing on all state-owned football clubs as football in the country transforms to a more professionally run sports that benefit all stakeholders.”

KLFA president Khalid Abdul Samad said: “I welcome the news of Rinani taking a majority stake in KL City FC and becoming a joint partner together with KLFA of the club. We hope supporters of KL City FC will accept this change in ownership as private sector participation is vital to the future of Malaysian sports because entrepreneurs know best how to push for success and ensure viability.”

The privatisation of KL City FC is also in line with the directives from FIFA, football’s international governing body, and of the AFC, to have state-run football teams to be professionally ran, privately financed and independently owned.

KL City FC last Saturday hosted the match versus Perak which ended 3-0 to the home side at Kuala Lumpur Football Stadium in Bandar Tun Razak, Cheras. The match was broadcasted live on Astro Network.

Rinani Group Bhd: http://rinani.com.my/
Kuala Lumpur City FC: https://kualalumpurfootball.com/


Topic: Press release summary

Truescope Acquires US Firm Universal Information Services

Feb 1, 2023 | Business

Australian media intelligence company, Truescope, has strengthened its position in North America by acquiring leading agency, Universal Information Services (UIS).

Todd Murphy, Truescope President, North America & John Croll, Truescope Co-founder and CEO

Founded in 2019 and now operating in Singapore, New Zealand, and North America, Truescope is experiencing rapid growth in all markets – a commercial response to the company’s advanced SaaS platform, product innovation and experienced people. The acquisition of UIS will immediately welcome many hundreds of clients to the Truescope solution, with the integration of services presently underway.

UIS is led by industry authority, Todd Murphy based in Omaha, Nebraska. The competitive media intelligence agency has a rich heritage and proud reputation for its service-first approach, and as a trusted partner to businesses and communication professionals across the United States.

Truescope co-founder and CEO, John Croll, said the acquisition was a significant move to accelerate growth in the large US media intelligence market, which he believes has been underserved for some time and is ready to evolve through innovation.

“Truescope has been active in the US for almost a year and the response we have had to our platform has been overwhelmingly positive” he said. “Todd’s leadership, the Universal team’s decades long local expertise and loyal client base, coupled with Truescope’s technology, will enable us to deliver a powerful and truly unparalleled service that will help better inform communications,” said John.

Following the departure of Meg Crumbine in late 2022, Todd Murphy will take on the role of Truescope President, North America, effective immediately, with his first strategic priority being to oversee the UIS integration.

Todd is enthusiastic about the opportunities ahead for the new alliance saying, “John’s vision and ability to build game-changing tech is the perfect alignment for the evolution of not only Universal’s clients but the media intelligence industry, broadly. I’m thrilled to be leading the company and delivering a truly superior service never before seen,” he said.

Migration of UIS clients to the Truescope platform is currently underway, with the merger of the UIS brand and business to Truescope to take place over the coming months.

For media information or to interview John Croll and/or Todd Murphy, contact:
Shelley Hammond | shelley@oneroofagency.com.au | +61 427 547 898

About Truescope
Truescope was founded in Australia to better inform communications. Our people and technology deliver real-time, actionable media intelligence and information to clients across Asia, New Zealand, and the United States. Visit www.truescope.com for more.


Topic: Merger & Acquisition

Tova Capital Acquires 34,500-SF Retail Property in Long Beach, CA for $6.2 Milliion

Jan 11, 2023 | Books, Business

Tova Capital Acquires Long Beach Retail

Tova Capital Acquires Long Beach Retail

LOS ANGELES – Jan. 9, 2023 – PRLog — Tova Capital has acquired a fully occupied 34,500-square-foot retail complex near Downtown Long Beach, CA, in a $6.2 million off-market transaction.

The retail property is located on a nearly one-acre site at 205-233 E. Anaheim Street, between Long Beach Boulevard and Pacific Avenue, the city’s main north/south arterials and transit lines. The property consists of two approximately 17,000-square-foot single-story buildings occupied by a popular brewery, Trademark Brewing and climbing gym Long Beach Rising, under long-term leases.  The property benefits from its prime location across the street from two recently completed senior and affordable multifamily projects and is adjacent to a future 36-unit townhome development.

The retail property lies within the Transit Node High zone of the city’s Midtown Specific Plan, which was created to encourage housing density along the transit stops on Long Beach Blvd. The Midtown Specific Plan and Downtown Plan have led to over 2,100 housing units being delivered over the past five years in the downtown Long Beach submarket.

“The Downtown and Midtown Specific Plans have done their job of luring institutional investors and developers to build much needed quality housing in the submarket including market-rate, affordable and senior housing,” said Ron Harari, president and CEO of Tova Capital.  “Our tenants will continue to benefit from the new residents moving into the area.”

Retail rents in Long Beach has grown by 2.2% over the past 12 months.  Downtown Long Beach has been convincingly strong, if not transformational as retail rents are 30.9% higher than they were a decade ago, according to Tova Capital Vice President Zach Boren.

“This was a tremendous opportunity to acquire a cash-flowing retail asset at a very low basis,” said Boren.   “Given the challenging credit markets, we were able to secure attractive seller financing, which allowed the deal to make sense in a market with few transactions occurring.”

Long Beach with a population of more than 450,000 is one of the 50 largest cities in the United States.  Situated on the Southern California coast between Los Angeles and Orange Counties, it is home to the Ports of Los Angeles and Long Beach, the country’s largest global supply chain channel. Other demand drivers include its popular public spaces, parks and waterfront, educated work force and many tourist attractions including the Queen Mary and the Aquarium of the Pacific.

Tova Capital plans a long-term hold of the retail property, which is its first investment in Long Beach.

Jared Swedelson from NAI Capital represented Tova, while the seller was represented by Sheva Hosseinzadeh from Coldwell Banker Commercial BLAIR.

About Tova Capital
Tova Capital, Inc. (http://www.tovacapital.com) is a Los Angeles-based real estate investment and development company focusing on value-add commercial acquisitions in prime Southern California markets. Founded in 2017, the firm seeks investment opportunities to rehabilitate and reposition older industrial and office buildings into creative office, entitle land for higher and better uses and construct ground up development. Tova manages all aspects of the development process including acquisition, construction, financing and disposition.

Contact
Bruce Beck
DB&R Marketing Communications, Inc.
***@dbrpr.clom

Hint Health Acquires AeroDPC to Offer End-To-End Platform for Direct Primary Care Providers –

Nov 1, 2022 | Business

The company also welcomes Dr. Brad Brown from AeroDPC as the new Medical Director



San Francisco, Calif. – WEBWIRE –

“This acquisition will better enable Hint to fulfill our mission by providing practices who are getting started in Direct Primary Care with a simple, affordable, all-in-one solution designed specifically for the DPC community,” said Hint Health CEO, Zak Holdsworth.



Hint Health, the company powering the direct primary care (DPC) movement, today announced the acquisition of AeroDPC, a practice management and Electronic Medical Record (EMR) designed for DPC clinics. This elevates Hint from being a trusted enrollment, membership management, and billing platform, to a comprehensive solution that provides everything a DPC doctor needs in one innovative platform.


The existing U.S. healthcare system, which operates on a fee-for-service insurance infrastructure, is leading to increased provider burnout, patient dissatisfaction, and ballooning costs. The broken system is accelerating the growth of DPC, which saw membership across the U.S. increase 241% from 2017 to 2021. In addition to providing doctors with relief from unnecessary administrative burden, patients are looking to DPC for higher quality healthcare with a transparent price tag.


HintOS is the leading platform designed for providers of any size to manage the unique complexities of a membership-based primary care model. The platform automates the enrollment, employee eligibility, membership management, billing, and network administration for DPC providers enabling them to focus on their practice, rather than on the administrative work of operating a business. With the acquisition of AeroDPC, the platform will become a fully integrated end-to-end solution for DPC practices.


“This acquisition will better enable Hint to fulfill our mission by providing practices who are getting started in Direct Primary Care with a simple, affordable, all-in-one solution designed specifically for the DPC community,” said Hint Health CEO, Zak Holdsworth. “It will also serve as a blueprint for how we can further enhance new and existing partner integrations within the Hint ecosystem which is a strategic priority for Hint.”


Immediately following the acquisition, AeroDPC will operate as an independent subsidiary of Hint Health and will continue to enhance their product to serve the DPC community without disruption to existing clients. In 2023, a new Hint product will be launched alongside HintOS combining the best features of AeroDPC and HintOS in one place, including membership management, billing, EMR, business management, patient communications and more.


Hint welcomes Dr. Brad Brown, Co-founder and Chief Medical Officer of AeroDPC, as the company’s new Medical Director. “As a DPC physician myself, bringing Hint Health and AeroDPC together is extremely exciting and powerful for DPC as a whole” says Dr. Brown. “DPC is medicine how it used to be, just doctor and patient. Having an all-in-one solution allows doctors to take their eyes off the computer screen and focus solely on their patients. With this acquisition, doctors and patients alike will further benefit from the streamlined products, enabling us to better serve the DPC community.”


AeroDPC is the second acquisition by Hint Health. In 2021, Hint acquired Equal Health, a DPC network and benefits provider. The acquisition of Equal was part of a broader strategy to launch a curated national network of independent Direct Primary Care providers called Hint Connect, improving access to primary care for employers and innovative health plans with a plug-and-play DPC solution.


About Hint Health


Hint Health is the leading digital health company dedicated to supporting the growth and success of the Direct Primary Care (DPC) movement. With a mission to power direct care and make it the new standard, the HintOS platform powers thousands of clinics and networks across the nation providing care for nearly a million members. Hint also produces Hint Summit, the leading DPC innovation conference and supports Hint Connect, a curated national network of independent DPC clinics. Founded in 2013 by Zak Holdsworth and Graham Melcher, the company is headquartered in San Francisco, CA. To learn more visit hint.com.


About AeroDPC


AeroDPC is a software company that supports everything a DPC doctor needs in one innovative platform, including Electronic Medical Record (EMR), business management and patient communication software. From charting to labs, AeroDPC’s fully integrated system has been designed to solve the unique challenges of a DPC practice. AeroDPC’s mission is to empower physicians by streamlining the rest.

JRK Acquires Palm Springs, CA Hotel out of its $350 Million Hospitality Fund

Oct 21, 2022 | Books, Business

JRK, after closing on this property, still has more than 80% of its Hospitality Fund uninvested and aims to deploy the remainder of the fund by the end of 2023.

JRK Acquires Ace Hotel Swim Club, Palm Springs, Ca

JRK Acquires Ace Hotel Swim Club, Palm Springs, Ca

LOS ANGELES – Oct. 20, 2022 – PRLog — JRK Property Holding has acquired the 179-room Ace Hotel & Swim Club Palm Springs in Palm Springs, CA from an affiliate of GFI Capital.

JRK acquired the resort through its $350 million Hospitality Fund, which focuses on cash-flowing full- and select-service hotels for value-add and core-plus investments across the country. It targets transactions of $20 million to $250 million, but can acquire up to $1 billion for portfolios or large single assets.

The Ace Hotel, which opened in 2009, is comprised of seven buildings across a 5.04-acre campus, including three food and beverage venues, a spa and 7,500 square feet of event space. The hotel has a unique stronghold on the upscale boutique hotel market in Palm Springs, a market with more than 14 million visitors annually and growing from expanded airport routes, the new Acrisure arena, and growth in drive-to leisure demand, with a stable base of annual demand from events in Coachella Valley.

“This was an outstanding opportunity to acquire a strong cash-flowing resort with multiple levers to drive value,” said Shaan Bhatia, JRK’s Senior Vice President and Head of Hotels who joined the company last year from Starwood Capital to lead JRK’s hotel investment platform. “Ace Hotel & Swim Club is a truly unique offering in Palm Springs, and by retaining strong in-place management we can leverage the brand equity and depth of talent to continue being a market leader.  We intend to invest significant strategic capital to elevate the property and enhance the guest experience in the rooms and public spaces, as well as generate incremental returns for our investors.”

“As long-term holders with a strong capital base, JRK is primely positioned to invest through various market cycles and short-term volatility for quality assets. We anticipate a significant pickup in deal volume over the next 12 months given the current dislocation in the credit markets, which should prompt attractive buying opportunities,” added Danny Lippman, President of JRK Property Holdings.

Eastdil Secured brokered the transaction on behalf of the seller.

About JRK Property Holdings

Founded in 1991, JRK Property Holdings (http://www.jrk.com/) is a Los Angeles-based real estate investment firm specializing in the ownership, management, leasing and redevelopment of properties in primary and secondary markets throughout the United States. JRK pursues value-added opportunities – investing in properties that it can reposition to deliver sustainable, growing streams of cash flow.  JRK’s approximately $7 billion of investment capital is dedicated to a portfolio spanning 25 states with over 30,000 multifamily units, and luxury and flagged hotels.

Contact

Bruce Beck

DB&R Marketing Communications, Inc.

***@dbrpr.com