Recent New York Transactions

New York business transactions – the purchase and sale of large companies and corporations – happen on a regular basis.  Here we look at three of them: LeverPoint, Lord & Taylor and Fiorello Pharmaceuticals.

A recent announcement was made declaring that New York fund management service provider LeverPoint will be acquired by Chicago private equity firm GTCR. Once acquired it will be merged into GTCR’s portfolio firm, Ultimus Fund Solutions.  This move will broaden Ultimus’ presence in New York in line with the general effort being made by fund managers to do the same.  This is due to what is now being regarded as New York becoming a more attractive location for institutional investments to be made.

Online rental clothing store Le Tote has just purchased department store Lord & Taylor for $75 million.  Lord & Taylor opened its first store in New York in 1826.  But this transaction is not standard in the sense that Lord & Taylor’s parent company – Hudson’s Bay – will stay on as proprietor of Lord & Taylor’s real estate and pay for Le Tote’s rental at those properties for the next three years.  Le Tote will control 38 stores as well as Lord & Taylor’s online presence and will pay $100 million cash for the privilege.  

Green Thumb Industries Inc. has finalized a deal for the acquisition of Fiorello Pharmaceuticals, one of very few firms that has been approved to operate a medical marijuana company in the state of New York.  Retail stores that will be sold are in: Halfmoon, Manhattan, Nassau County and Rochester.