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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Insurance Specialist Group expands at Wilson Estates Office Park

WICHITA — Insurance Specialist Group has moved into almost 4,000 square feet in the Bank of Kansas building at Wilson Estates Office Park near 21st and Rock Road.

Previously, the company had 1,400 square feet at the building.

“We really only had room for basically five of us,” says partner Paul Masterson.

The company, which is an independent insurance agency, has seven employees including Masterson and partner Jeff Dodds.

The new office can accommodate about 15 workers.

“We have room to grow,” Masterson says.

Adam Clements of Builders Inc. and Patrick Ahern of Grubb & Ellis/Martens Commercial Group handled the deal.

Insurance Specialist Group also has a Hutchinson office that DJ Kauffman opened in June. It’s not a franchise, Masterson says, but it is Kauffman’s operation.

“DJ’s been a perfect fit.”

Masterson says he and Dodds are open to having similar arrangements elsewhere.

“We’re always looking for good opportunities.”

 

Martin & Churchill law office disbands

WICHITA — Thursday is Martin & Churchill’s last day in business.

The 60-year-old firm most recently has been in Wilson Estates Office Park near 21st and Rock.

Marvin Martin started the firm in 1951 and had various partners through the years, including Stan Churchill, who joined in 1963.

There have been six attorneys at the business most recently.

“The attorneys of Martin and Churchill have decided to move our practices to different law firms,” says attorney Don Hill. “We believe this was in the best interest of our clients, and we believe it was the right thing to do.”

Hill won’t elaborate, though he says it was a mutual decision.

“There is no dissension or disagreement among us,” he says. “This is all very amicable.”

Hill has joined Adams Jones.

Churchill will operate his practice, Churchill LLC, from his home.

Brad Murphree will have Murphree Law Office at 445 N. Waco.

Mike Kennalley is joining Stinson Morrison Hecker.

Jack Peggs is opening the Law Office of Jack Peggs at 111 S. Whittier.

Gary Jones, who worked for Martin & Churchill part time, will continue his Law Office of Gary Jones at 1919 N. Amidon.

Hill says Martin & Churchill has had a reputation for integrity and excellence during its decades in business.

“The individual attorneys will continue that in their new associations.”