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.
WICHITA — The almost 50-year-old