TORRANCE, Calif., Aug. 12, 2013 (GLOBE NEWSWIRE) -- Greenberg, Whitcombe & Takeuchi, LLP ("GWT") is pleased to announce the sale of the Pacific Monarch Resorts Service Companies (the "Companies") to Diamond Resorts International®, Inc ("Diamond") (NYSE:DRII). Diamond used proceeds from a July 19, 2013 completed IPO to fund the acquisition. The transaction followed by approximately one year the acquisition by Diamond of Pacific Monarch Resorts as part of a $350MM restructuring.
GWT advised the Companies during the sale, while lawyers from the Chicago offices of Katten Muchin served as Diamond's legal counsel. Restructuring partner John D. Whitcombe led the GWT team, joined by transactional partner Michael J. Gibson, both from GWT's Torrance, CA offices. They were assisted by outside transaction counsel Morton M. Rosenfeld of Los Angeles, and tax counsel Justin Bowen, of Palos Verdes Estates, CA, and financial advisor Nishant Machado, a managing director for Mackinac Partners.
The $48MM all-cash transaction resulted in the transfer of assets within the United States and Mexico, and was the final transaction contemplated within agreements entered into between the parties over two years ago.
"The sale of the remaining PMR Service Companies to Diamond was a heavily negotiated transaction between two of the most talented and capable leaders of the hospitality industry," said John Whitcombe, at the time of the closing. "The teams from Katten and Diamond were professional and prepared, and despite varied locations around the globe, and a concurrent IPO, the closing went off without a hitch."
Mark Post, CEO of the PMR Service Companies commented, "I greatly appreciate Stephen J. Cloobeck's integrity and value his friendship going forward as we continue to work together both in the US and Mexico. He has built a deep and dedicated team."
About Greenberg, Whitcombe & Takeuchi, LLP
Greenberg, Whitcombe & Takeuchi, LLP, is a boutique law firm dedicated to providing skilled and efficient representation in a wide range of business, real estate, construction, and employment litigation, as well as in corporate, transactional, financing and real estate matters for not only local California clients but also national and international business clients. GWT is well positioned in expertise, size, and location to respond to the needs of its clients wherever they may be located. John D. Whitcombe has been a partner with the firm for 19 years.
GWT combines the personal attention of a boutique firm, with the strength, experience, and breadth of services offered by much larger, multi-office law practices. We take pride in offering rates that are extremely competitive given our highly-credentialed and experienced attorneys.
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CONTACT: John Whitcombe (310) 540-2000Source:Greenberg, Whitcombe & Takeuchi, LLP