Private equity firm invests $100 million in Jack DeBoer's Value Place
01/22/2013 2:57 PM
01/22/2013 3:26 PM
UPDATED — Jack DeBoer’s Value Place is getting a $100 million infusion from a New York private equity firm.
Lindsay Goldberg LLC, which manages $10 billion in total capital, is making the investment in the Wichita-based extended-stay chain.
The money will mean at least 50 more Value Places, including an upgraded Value Place 2.0.
There are 181 Value Places in 32 states. The chain, which DeBoer founded in 2002, has 50 franchise groups that are planning to build more than 300 properties in the next three years.
Look for more details later this afternoon.
About Carrie Rengers
Carrie Rengers joined The Eagle's Business team in 2002 despite her inability to even balance a checkbook. Fortunately for her, and readers, her Have You Heard? blog is about business scoops and contains lots of news but almost no math.
A Michigan native, Carrie’s father was quite tragically transferred to Little Rock, Ark., in the middle of her sophomore year of high school. To make matters worse, her parents put her in a girls school. She recovered, though, and went on to enjoy being an English major at Hendrix College (the Harvard of the Ozarks, don’t you know). She worked for the weekly Arkansas Business and the statewide daily Arkansas Democrat-Gazette before moving to Wichita to be with her favorite writer and cook, husband Joe Stumpe.
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