Inside Hunt
The Hunt Companies and TRECAP Partners Form New Company
February 24, 2010
El Paso—February 23, 2010—Hunt Companies, Inc. and its affiliates (HUNT) have agreed with TRECAP Partners, LLC (TRECAP) to form TRECAP Holdings, LLC to provide TRECAP additional equity capital and support services to expand its real estate investment management businesses--both private equity and debt platforms. Announcement of the agreement was made here today by TRECAP’s Chief Executive Officer Douglas A. Tibbetts and Woody Hunt, Chairman and CEO of HUNT.
Under terms of the transaction, TRECAP will become an affiliate of HUNT operated by its partners—Tibbetts, Gary Sligar and Paul Klick--and will continue to use Transwestern’s nationwide network of commercial property services. HUNT plans to enter into an investment management agreement for TRECAP to provide sub-advisory services for certain holdings in HUNT’s $3 billion real estate portfolio.
“Strategically, HUNT supplies TRECAP with additional capital to advance our expansion and provides an extensive support services platform for our clients,” Tibbetts said. “Importantly, HUNT also shares our commitment of fiduciary responsibility and client service, while offering extensive reach into allied real estate sectors, including infrastructure and public/private partnerships.”
Woody Hunt said: “HUNT’s investment in TRECAP represents an unusually compelling opportunity to join with TRECAP’s highly experienced and proven senior management group and furthers our strategic plan to diversify our real estate business at a time when significant investment opportunities are appearing in U.S. property markets.”
Robert Duncan, Chairman of Transwestern, said: “We are delighted to see this all come together. The Hunt companies have earned their preeminent reputation for building successful companies by marrying talent with capital for creative, well-timed business strategies. We know first hand what Doug, Gary, and Paul can do. We are thrilled to be in a position of adding value for TRECAP at the local market level.”
Tibbetts, the former president of Equitable Real Estate Investment Management, has worked closely for many years with Sligar, TRECAP’s president and chief operating officer, and Klick, the company’s chief financial officer. Both Sligar and Klick served as CEOs of wholly owned real estate subsidiaries at Equitable/AXA in the 1990s. Sligar headed Compass Management and Leasing and was later vice chairman of LaSalle Partners. Klick led EQ Services, a debt restructuring mortgage servicer for Resolution Trust Corporation assets.
In addition to using Transwestern’s commercial property services and real estate research, TRECAP will operate utilizing HUNT’s accounting, tax, human resources and information technology groups based in El Paso, TX. TRECAP senior management (Tibbetts, Sligar and Klick) will be headquartered in Sarasota, FL. TRECAP’s board of directors will be led by Woody Hunt as non-executive chairman.
About TRECAP Partners
TRECAP is a registered investment advisor and provides real estate investment management and consult¬ing services to pension funds, cor¬porations, sovereign wealth funds, endowments, insurance companies, banks and high-net-worth money managers. TRECAP formed in 2009 as a joint venture of Transwestern and TRECAP’s principals—Douglas Tibbetts, Gary Sligar, and Paul Klick, who previously headed leading investment and asset management companies, which steered clients successfully through the severe industry downturn in the early 1990’s. For more information, visit www.trecappartners.net.
About Hunt Companies
Hunt Companies, Inc. and its affiliated companies are a privately held diversified investment, real estate development, design-build, construction management and asset/property management holding company. Founded in 1947, HUNT and its affiliated companies have become one of the nation’s leading developers and contractor’s with a focus on public-private ventures, military housing, mixed-use, multi-family housing, master-planned communities, retail, office, and value added asset management. HUNT’s real estate investments consist primarily of an ownership interest in over 44,000 multi-family housing units across the country. In addition, Hunt owns commercial and industrial space, and residential and commercial land. In total, HUNT’s owned portfolio of real estate assets is in excess of $3 billion. The companies have been headquartered in El Paso and operated by the Hunt family for four generations. Regional offices are in Albuquerque, NM; Honolulu, HI; and Washington, D.C. Other HUNT affiliated companies include Hunt Development Group, Hunt Building Company, Hunt Communities, Hunt Military Communities, and Hunt Holdings (Venture Capital and Private Equity). For more information, visit www.huntcompanies.com.
About Transwestern
Transwestern, one of the largest privately held commercial real estate and development firms in the U.S., is focused on creating value for clients in each local market it serves. Transwestern’s unique business model offers fully integrated real estate services and operates through six distinct functional lines of business - agency leasing, property and facility management, investment services, tenant advisory, development and research - for a broad range of property types, including office, industrial, retail, healthcare and multifamily. Transwestern leads the industry in sustainability and has received multiple EPA ENERGY STAR® awards. For more information, visit www.transwestern.net.
Contacts:
For TRECAP Partners:
Jonathan D. Miller
Miller Ryan LLC
1-212-410-7272
jonathan@millerryanllc.com
For Hunt Companies:
Stephanie Sierra
Hunt Companies, Inc.
1-915-342-4565
stephanie.sierra@huntcompanies.com
For Transwestern:
Stacey Eddington
Transwestern
1-713-270-3336
Stacey.eddington@transwestern.net
Under terms of the transaction, TRECAP will become an affiliate of HUNT operated by its partners—Tibbetts, Gary Sligar and Paul Klick--and will continue to use Transwestern’s nationwide network of commercial property services. HUNT plans to enter into an investment management agreement for TRECAP to provide sub-advisory services for certain holdings in HUNT’s $3 billion real estate portfolio.
“Strategically, HUNT supplies TRECAP with additional capital to advance our expansion and provides an extensive support services platform for our clients,” Tibbetts said. “Importantly, HUNT also shares our commitment of fiduciary responsibility and client service, while offering extensive reach into allied real estate sectors, including infrastructure and public/private partnerships.”
Woody Hunt said: “HUNT’s investment in TRECAP represents an unusually compelling opportunity to join with TRECAP’s highly experienced and proven senior management group and furthers our strategic plan to diversify our real estate business at a time when significant investment opportunities are appearing in U.S. property markets.”
Robert Duncan, Chairman of Transwestern, said: “We are delighted to see this all come together. The Hunt companies have earned their preeminent reputation for building successful companies by marrying talent with capital for creative, well-timed business strategies. We know first hand what Doug, Gary, and Paul can do. We are thrilled to be in a position of adding value for TRECAP at the local market level.”
Tibbetts, the former president of Equitable Real Estate Investment Management, has worked closely for many years with Sligar, TRECAP’s president and chief operating officer, and Klick, the company’s chief financial officer. Both Sligar and Klick served as CEOs of wholly owned real estate subsidiaries at Equitable/AXA in the 1990s. Sligar headed Compass Management and Leasing and was later vice chairman of LaSalle Partners. Klick led EQ Services, a debt restructuring mortgage servicer for Resolution Trust Corporation assets.
In addition to using Transwestern’s commercial property services and real estate research, TRECAP will operate utilizing HUNT’s accounting, tax, human resources and information technology groups based in El Paso, TX. TRECAP senior management (Tibbetts, Sligar and Klick) will be headquartered in Sarasota, FL. TRECAP’s board of directors will be led by Woody Hunt as non-executive chairman.
About TRECAP Partners
TRECAP is a registered investment advisor and provides real estate investment management and consult¬ing services to pension funds, cor¬porations, sovereign wealth funds, endowments, insurance companies, banks and high-net-worth money managers. TRECAP formed in 2009 as a joint venture of Transwestern and TRECAP’s principals—Douglas Tibbetts, Gary Sligar, and Paul Klick, who previously headed leading investment and asset management companies, which steered clients successfully through the severe industry downturn in the early 1990’s. For more information, visit www.trecappartners.net.
About Hunt Companies
Hunt Companies, Inc. and its affiliated companies are a privately held diversified investment, real estate development, design-build, construction management and asset/property management holding company. Founded in 1947, HUNT and its affiliated companies have become one of the nation’s leading developers and contractor’s with a focus on public-private ventures, military housing, mixed-use, multi-family housing, master-planned communities, retail, office, and value added asset management. HUNT’s real estate investments consist primarily of an ownership interest in over 44,000 multi-family housing units across the country. In addition, Hunt owns commercial and industrial space, and residential and commercial land. In total, HUNT’s owned portfolio of real estate assets is in excess of $3 billion. The companies have been headquartered in El Paso and operated by the Hunt family for four generations. Regional offices are in Albuquerque, NM; Honolulu, HI; and Washington, D.C. Other HUNT affiliated companies include Hunt Development Group, Hunt Building Company, Hunt Communities, Hunt Military Communities, and Hunt Holdings (Venture Capital and Private Equity). For more information, visit www.huntcompanies.com.
About Transwestern
Transwestern, one of the largest privately held commercial real estate and development firms in the U.S., is focused on creating value for clients in each local market it serves. Transwestern’s unique business model offers fully integrated real estate services and operates through six distinct functional lines of business - agency leasing, property and facility management, investment services, tenant advisory, development and research - for a broad range of property types, including office, industrial, retail, healthcare and multifamily. Transwestern leads the industry in sustainability and has received multiple EPA ENERGY STAR® awards. For more information, visit www.transwestern.net.
Contacts:
For TRECAP Partners:
Jonathan D. Miller
Miller Ryan LLC
1-212-410-7272
jonathan@millerryanllc.com
For Hunt Companies:
Stephanie Sierra
Hunt Companies, Inc.
1-915-342-4565
stephanie.sierra@huntcompanies.com
For Transwestern:
Stacey Eddington
Transwestern
1-713-270-3336
Stacey.eddington@transwestern.net