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@LVMH Buys Iconic Rodeo Drive House of Bijan for $122M, at Record $19.4k/PPSF

@LVMH Buys Iconic Rodeo Drive House of Bijan for $122M, at Record $19.4k/PPSF

The Rich. The sale price makes the deal “considerably ritzier” than Chanel’s purchase of its Rodeo store last year for $152 million, or $13,217 a square foot – then a retail record per square foot for California, said the Los Angeles Business Journal. The sale to LVMH is the latest high-profile deal on the Beverly Hills shopping street, which is home to luxury retailers such as Gucci and Prada. Louis Vuitton already has a store near the 6,287-square-foot Bijan building it purchased at 420 N. Rodeo Drive, the Los Angeles Times said. Rodeo Drive ranks second among the most expensive U.S. retail destinations, trailing only upper Fifth Avenue in Manhattan, according to Cushman & Wakefield. The property is fully occupied by Bijan, a world-class fashion house founded in 1976 by the late Iranian-American designer Bijan Pakzad. The exclusive boutique caters to the ultra-high-net-worth international shoppers by appointment-only. Bijan has successfully operated at the property for more than 40 years and is the longest-standing privately-owned designer house on Rodeo Drive. The Bijan building is one of the most-recognizable storefronts in retail. The renowned yellow Rolls-Royce Phantom and the yellow and black Bugatti Veyron (both Bijan limited editions) match the building’s façade and interior and have long been hallmarks of the internationally-acclaimed custom clothier. Born in Tehran in 1940, Bijan migrated to Los Angeles in 1973. His exclusive boutique on Rodeo Drive has been described as “the most expensive store in the world.” Among his clients, Bijan claimed to count five U.S. Presidents – both George Bush and his son, Barack Obama, Ronald Reagan, and Bill Clinton – and other world leaders such as Vladimir Putin, Tony Blair, and King Juan Carlos of Spain. He also dressed other fashion designers, such as Oscar de la Renta, Tom Ford, and Giorgio Armani, and high-profile Hollywood celebrities including actors Tom Cruise and Anthony Hopkins, as well as Walt Disney’s chairman and CEO Michael Eisner. Bijan’s fragrances for both men and women are known for their distinctive circular glass flacon with an open center and a dividing web. When half full, the fragrance fills two separate chambers, seemingly defying the law of gravity that liquid seeks its own level. One of these perfume bottles is featured in the permanent exhibit of the Smithsonian Institution. According to the 2001 Los Angeles Times Calendar Section, the Bijan Perfume and Fashion Business has brought in an estimated $3.2 billion in sales worldwide. Bijan has been married twice. His first wife was Sigi Pakzad, a Swiss-German whom he met while living in Europe in the 1960s. They had one daughter, Daniela Pakzad, and divorced when she was 17. His second wife was Irish-Japanese interior designer and model Tracy Hayakawa. They married in 1986 and divorced in 1995. They had two children together, Nicolas Bijan and Alexandra. She later remarried businessman David H. Murdock. In April 2011, Bijan suffered a stroke, which required emergency brain surgery, but never recovered and died two days later in Los Angeles. The House of Bijan lived on however, without losing its appeal. Holliday Fenoglio Fowler LP (HFF), a unit of HFF Inc. (NYSE: HF), represented the property sellers, reportedly Brooks Caddell Barton Trust and Dominium Management Corp. Dominium is one of the largest and fastest-growing affordable housing owners in the U.S. Brooks Cadell Barton, who died in 2013, was a senior executive at Coldwell Banker International Real Estate and Home Savings of America, after serving as managing publisher of the Hollywood Reporter. He then left the corporate world to become a shaman and spiritual teacher, opening a retreat in Ojai, Calif., and a school called Art of God. The HFF team was led by Marc Schillinger, Bryan Ley and Bill Fishel. “We are thrilled with the record pricing we were able to achieve on our client’s behalf,” Schillinger said. The sale of the Bijan building comes on the heels of the HFF-brokered sale of Runway Playa Vista, as well as high-street retail transactions on Melrose Avenue and Melrose Place, adding to the more than 4.7 million square feet of retail space that HFF has transacted on so far this year in the greater Los Angeles area.]]>

WME-IMG Group to Acquire UFC in $4B Deal Backed by Silver Lake, $KKR, MSD

WME-IMG Group to Acquire UFC in $4B Deal Backed by Silver Lake, $KKR, MSD

CBS Sports. It marks a nearly 2,000 percent return for Zuffa, which bought UFC for $2 million in 2001. Flash Entertainment, a subsidiary of the government of Abu Dhabi, bought a 10% stake in UFC in 2010. UFC, whose matches air on pay-per-view television and on Fox Sports, is one of the fastest growing leagues in sports. The company was founded in 1993 and is headquartered in Las Vegas, Nevada. UFC’s fans are said to be younger than those of traditional boxing. William Morris Endeavor (also known as WME), based in Beverly Hills, was founded in April 2009, after the merger of the William Morris Agency and the Endeavor Agency. WME represents artists across all media platforms, including movies, television, music, theatre, digital and publishing. It also represents the NFL. In 2012, Silicon Valley-based Silver lake acquired a 31% minority stake in the agency. In 2013, WME and Silver Lake acquired New York City-based rival talent agency IMG, formerly known as the International Management Group, for $2.4 billion. Barclays, Credit Suisse, Deutsche Bank, Goldman Sachs and KKR Capital Markets served as financial advisors, and Paul, Weiss, Rifkind, Wharton & Garrison; Kirkland & Ellis; Simpson, Thacher & Bartlett; and Proskauer Rose served as legal advisors to the investment consortium, while Freshfields served as legal advisor to MSD Capital. The Raine Group and J.P. Morgan served as financial advisors, and Milbank, Tweed, Hadley & McCloy served as legal advisors to UFC.]]>

Platinum Equity to Buy Ingredients Distributor JM Swank From ConAgra $CAG

Platinum Equity to Buy Ingredients Distributor JM Swank From ConAgra $CAG

ConAgra agreed to sell its Spicetec Flavors & Seasonings business to Switzerland-based Givaudan, the global leader in the fragrance and flavor industry, for $340 million. “Our goal continues to be driving greater shareholder value by making ConAgra Foods a more focused and higher performing company,” said Sean Connolly, president and chief executive officer of ConAgra Foods. “The divestiture of JM Swank is the most recent step we have taken to allow us to drive growth by continuing to invest in our product portfolio.” ConAgra Foods has recently been divesting other businesses, including the sale of its private brands business to TreeHouse Foods, and the spinoff of its consumer brands and frozen potato businesses into independent publicly traded companies. ConAgra also plans to lay off 1,500 office-based employees around the world and relocate its headquarters from Omaha to Chicago. “We are proud of the relationship we’ve developed with ConAgra Foods and look forward to working together throughout the transition and beyond,” said Platinum Equity’s founder and CEO Tom Gores. “JM Swank is a leader in its industry and our team is excited to partner with management to help drive growth and create new value.” Wells Fargo Securities, LLC served as exclusive financial advisor to ConAgra on the transaction. Platinum Equity is a global private equity firm with a portfolio of approximately 25 operating companies. The firm specializes in acquiring and operating companies in a broad range of business markets, including manufacturing, distribution, transportation and logistics, equipment rental, metals services, media and entertainment, technology, telecommunications and other industries. Over the past 20 years, Platinum Equity has completed more than 175 acquisitions. The firm was founded in 1995 by billionaire Tom Gores, owner of the NBA’s Detroit Pistons. ConAgra Foods, Inc. (NYSE: CAG) is one of North America’s leading packaged food companies with recognized brands such as Marie Callender’s, Healthy Choice, Slim Jim, Hebrew National, Orville Redenbacher’s, Peter Pan, Reddi-ip, PAM, Snack Pack, Banquet, Chef Boyardee, Egg Beaters, Hunt’s and many other ConAgra Foods brands found in grocery, convenience, mass merchandise and club stores. ConAgra Foods also has a strong business-to-business presence, supplying frozen potato and sweet potato products as well as other vegetable, spice and grain products to a variety of well-known restaurants, foodservice operators and commercial customers. ConAgra was founded in 1919 and is headquartered in Omaha, Nebraska.]]>

Time Inc. to Acquire Ad-Tech Platform Viant, Parent of MySpace

Time Inc. to Acquire Ad-Tech Platform Viant, Parent of MySpace

people-based aspect of the platform,” commented Norbert Mehl, CEO of ExitHub and M&A Advisory boutique Global i Ventures. “It wouldn’t surprise me if MySpace were to be now successfully re-launched under the PEOPLE banner, nor should Time Inc. be disregarded as a potential acquirer of its rival Twitter.” Ironically, on Feb. 10, 2016, virtually upon its announcement of the MySpace buyout, TIME.com wrote: “This One Chart Explains Why Twitter Is in Trouble.” Two days later, TIME.com wrote that, “Twitter is a land of inside jokes. A persistent one over the last several months has been that users are witnessing the social network’s last days.” “In yet arguably a stronger sign of a preemptive strike, and an attempt to push down its rival’s valuation and sale price, TIME’s latest headline banner attacking Twitter under its Social Media section, declares: Why ‘Twitter’s Final Days’ Has the Ring of Truth,” added Mehl. people_mag MySpace, founded in 2003 and based in Beverly Hills, used to be a hot social network before the advent of Facebook and Twitter.  Facebook traffic rankings overtook Myspace by April 2008. Since then, Myspace has seen a continuing loss of membership, and there are several suggestions for its demise, including the fact that it stuck to a portal strategy of building an audience around entertainment and music, whereas Facebook and Twitter continually launched new features to improve the social-networking experience. In June 2011 MySpace was acquired by Viant’s Specific Media in partnership with Justin Timberlake from News Corp. for $35 million. News Corp. had acquired MySpace in July 2005 for $580 million, incurring a $545 million loss upon its sale in 2011. Myspace has gone through a few refurbishments and is now mainly a content platform and network for artists, says AdWeek. However, according to The Wall Street Journal, MySpace still had a respectable 50 million monthly active users a year ago. MySpace_screenshot Viant offers access to one of the largest pools of registered users through a suite of advertising applications available on demand, in the cloud, allowing brands to plan, execute, and measure their digital investments. The acquisition will accelerate Time’s strategy of activating its subscriber data across the world’s best content brands. Acquiring Viant is expected strengthen the Time’s value proposition by giving marketers sophisticated targeting and measurement capabilities, allowing the company to participate in the growing $34 billion performance advertising segment. “This acquisition is game changing for us,” said Time chairman and CEO Joe Ripp. “Marketers are selecting media partners that have either data-driven capabilities or premium content; we will be able to deliver both in a single platform, and will stand apart from those that offer just one or the other. In other words, we will be able to deliver advertisers’ messages targeted to optimal audiences across all types of devices, along with the ability to measure ROI.” “Over a year ago we launched a people-based platform with the Viant Advertising Cloud. With over 1 billion global registered users connected to their households and devices, we knew our data and technology story was solid,” says Tim Vanderhook, CEO of Viant. “The combination of Time Inc. and Viant is all about the marriage of first party data and premium content.” Time Inc. is one of the world’s leading media companies, with a monthly global print audience of over 120 million and worldwide digital properties that attract more than 150 million visitors each month, including over 60 websites. Its influential brands include People, Sports Illustrated, InStyle, Time, Real Simple, Southern Living, Entertainment Weekly, Travel + Leisure, Cooking Light, Fortune and Food & Wine, as well as more than 50 diverse titles in the United Kingdom, such as Decanter, Horse & Hound and Wallpaper. Time Inc. is home to celebrated franchises and events, including the Fortune 500, Time 100, People’s Sexiest Man Alive, Sports Illustrated’s Sportsperson of the Year, the Food & Wine Classic in Aspen, the Essence Festival and the biennial Fortune Global Forum. Hundreds of thousands of people attend Time’s live media events every year. The company been extending the power of its brands through various investments and acquisitions, including the formation of Sports Illustrated Play, a new business devoted to youth and amateur sports, and the acquisition of inVNT, a company that specializes in live media. Time also provides content marketing, targeted local print and digital advertising programs, branded book publishing and marketing and support services, including subscription sales services for magazines and other products, retail distribution and marketing services and customer service and fulfillment services, for itself and third-party clients, including other magazine publishers. The company was founded in 1922 and is headquartered in New York, New York. Time Inc. was spun off from Time Warner Inc. (NYSE:TWX) on June 6, 2014. Viant is a premier people-based advertising technology company, enabling marketers to plan, execute and measure their digital media investments through a cloud-based platform. Built on a foundation of people instead of cookies, the Viant Advertising Cloud provides marketers with access to over 1.2 billion registered users, one of the largest registered user databases in the world, says the company. Founded in 1999, Viant owns and operates several leading digital ad technology and media companies including Specific Media, Vindico, Myspace and Xumo.]]>