Latest news with #Ron Burkle
Sky News
3 hours ago
- Business
- Sky News
Soho House returning to private ownership - and picks up a celebrity investor
Soho House, the global network of private members' clubs, is being bought by a group led by hotel owners MCR - valuing the business at $2.7bn (£1.99bn). The deal will take the London-based hospitality group back into private ownership, meaning it will no longer be listed on the New York Stock Exchange. Actor-turned-investor Ashton Kutcher will lead a consortium providing new funding to the business - and will join Soho House's board of directors once the transaction is complete. MCR is the third-largest hotel owner-operator in the US and owner of the BT Tower in London. But current shareholders - billionaire executive chairman Ron Burkle and his private equity company Yucaipa - will retain their majority controlling stakes, as will founder Nick Jones. Private equity firms acquire businesses, invest to improve financial performance, and seek to then sell them for a profit. Soho House's share price rose 16% in pre-market trading to $8.86. It was founded in London in 1995 by Mr Jones, a restaurateur, as a meeting place for creative people. The club developed operations in Europe, North America and Asia and is known for stylish interiors and exclusivity. Despite only going public in 2021 the company appointed a committee to explore taking the company private as it struggled to turn a profit. An offer had been received in December.
Times
8 hours ago
- Business
- Times
Soho House closes in on $1.8bn take-private deal
Soho House, the operator of private members' clubs for the creative class, is reported to be nearing a $1.8 billion sale to a group of investors led by New York-based MCR Hotels. Under the take-private deal, Soho House shareholders would receive $9 per share, a 17.8 per cent premium to the closing price of $7.64 on Friday, the Wall Street Journal reported. The company, currently valued at $1.49 billion, floated on the New York Stock Exchange on July 14, 2021, at $14 a share. The company has struggled as a listed company, and the price has only been above the float price once. It has faced criticism about a loss of exclusivity and 'magic' after expanding. The billionaire Ron Burkle, executive chairman of Soho House since 2012 and a controlling shareholder, is expected to roll over his stake, along with several other shareholders, the Journal said.
