International asset management firm Counsel Corporation (TSX: CXS) today announced that Counsel RB Capital LLC has acquired Greystone Private Equity LLC, a subsidiary of Greystone & Co. Holdings LLC, for $5.9 million, including roughly $3.0 million in debt. The acquisition is in line with Counsel RBâ€™s strategy of acquiring â€œdistressed and surplus assets,â€ then coordinating asset disposition services.
According to the press release, Greystoneâ€™s assets include six separate equipment, industrial and real estate assets that Counsel RB anticipates monetizing in the near future.
Todayâ€™s press release also highlighted Counsel RBâ€™s recently secured revolving credit facility with Israel Discount Bank of New York, which will increase Counsel RB’s capacity to acquire distressed and surplus assets.
“With the acquisition of Greystone and establishment of the line of credit, we are aggressively moving forward with our mandate to opportunistically acquire assets in the current market environment,” Allan Silber, chairman and CEO of Counsel Corp. and C2 Global Technologies Inc. C2 (OTCBB: COBT) stated in the press release.
Jonathan Reich, Co-CEO of Counsel RB, said Counsel Corp. and Counsel RB have been preparing to take advantage and capitalize on opportunities such as the mentioned acquisition. The company said the Greystone acquisition will serve as a base for Counsel RBâ€™s future growth and expansion.
“Greystone’s assets are consistent with what we have done over the past 20 years, and the support of Counsel together with the access to credit will allow us to seek additional investments as well,” Adam Reich, Counsel RB’s other Co-CEO stated.