Finance

A classic family office club deal

The Pritzker Organization, the family investment group of Thomas Pritzker, has teamed up with fellow family group Redwood Capital Investments and private equity house Stephens Capital Partners, to buy broadband communications and entertainment business, Hargray Communications Group. No terms of the deal were disclosed.

The Pritzker Organization evolved out of the Pritzker & Pritzker family office, which managed the interests of the Pritzker family before the restructuring and the division of their wealth took place in the 2000s. Thomas Pritzker is chairman of the Hyatt Group, where much of the Pritzker money originates from, and he is the only member of the family to still have a management role at the hotel group.

Redwood Capital Investments is the family office of Jim Davis who co-founded Allegis Group, a huge staffing and recruitment group based in Maryland. Stephens Capital Partners is based in Arkansas and is led by Warren Stephens.

Deals like the above are likely to become increasingly common in the future as family offices combine their considerable resources with other family offices and investors like private equity groups to acquire, or take substantial stakes in the bigger businesses. And as such, these co-investment, or club deals will compete for deals with private equity houses.

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