Daily Archives: Jan. 22, 2013

You don’t say

“I don’t know whether he’s seen it and found it hilarious or not.”

Wichita Inn North general manager Wes McGregor on a sign employees put up that says, “Highly recommended by the owner”

Private equity firm invests $100 million in Jack DeBoer’s Value Place

UPDATED — How hard is it to get a $100 million investment in a company?

If you’re Jack DeBoer, apparently not that hard. At least it wasn’t in a recent deal with New York-based private equity firm Lindsay Goldberg LLC, which is going to invest $100 million in DeBoer’s Value Place chain of extended-stay properties and short-term apartments.

“It was sort of a …hit the bull’s-eye on the first shot,” says Value Place president and COO Kyle Rogg. “Jack knew somebody who knew somebody who knew somebody, and it worked out from the very first meeting.”

Extensive due diligence “became a contract, became a hundred million.”

“It was relatively fast and extraordinarily cordial,” Rogg says. “It was a little bit of love at first sight. … They like Jack’s vision and like the team.”

The infusion from Lindsay Goldberg, which manages $10 billion in total capital, will allow Value Place to expand more quickly than it otherwise would have.

“It’s going to allow us to do, really, three main things,” Rogg says.

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GracePoint Church signs additional lease at Westlink Shopping Center

WICHITA — GracePoint Church has signed a lease for more space at the Westlink Shopping Center at Central and Tyler

The church’s first lease was in 2009 to take the former Cinemas West space.

Now, it’s taking space for a student ministry where a photography business used to be.

“When we designed our original worship facility, we didn’t really design for a dedicated student ministry space,” executive pastor Terry Johnson says. “But as the ministry continued to grow, we saw a need for it.”

Some student groups have met in the church’s lobby.

“We knew that wasn’t going to suffice for the health of the ministry,” Johnson says.

When the photography space became available, he says, “We thought it might be a good opportunity to provide some room for them.”

Andy Boyd of Walter Morris Cos. handled the deal.

Following renovations, the new space should be ready the first week of February.