AUSTIN, Texas--(BUSINESS WIRE)--AllianceBernstein Real Estate Group (“AB RE Group”) and Centerboard Group, LLC (“Centerboard”) today announced an acquisition of a majority interest in a new company which owns all of the temporary lodging accommodations assets of Signor Group (“Signor”). Signor develops, owns and operates temporary lodging accommodations for oil and gas workers in high growth areas of the Permian and Eagle Ford Shale Basins with limited lodging alternatives. The company has six current facilities located in Midland, TX, Pecos, TX, Barnhart, TX, Jal, NM, Carrizo Springs, TX, and Kenedy, TX.
The temporary housing facilities were purchased through Roughneck Lodging, LLC (“Roughneck”), a joint venture between AB RE Group and Centerboard focused on oil and gas related housing properties. Roughneck has also committed significant additional capital to expand the number of rooms at the existing lodges and to develop several new locations within the next 12 months. The Signor management team will remain unchanged and continue to operate under the well-recognized “Signor Lodging” brand.
“This is a transformative transaction for Signor, its customers and employees,” said Lane Wall, Head of Strategy and Business Development for Signor Lodging. “With the substantial financial resources of Roughneck and its investors, we will be able to continue growing and providing the highest quality service to our customers wherever needed.”
About AllianceBernstein Real Estate Group
In September of 2009, AllianceBernstein formed the Real Estate Group in order to build out a preeminent private equity real estate platform by leveraging the firm's current resources and existing infrastructure. AllianceBernstein is a leading global investment management firm that offers high-quality research and diversified investment services to institutional investors, individuals and private clients in major world markets.
About Centerboard Group
Centerboard Group, LLC was founded in 2009 as a boutique private equity firm investing in early stage and middle market opportunities. Centerboard strives to create lasting value for its partners and the companies in which it invests through the breadth of its experience and the depth of its execution capabilities. Centerboard and its affiliates have offices in New York, Denver and Calgary and participate primarily in the real estate, natural resources, industrial and technology industries.
Cautions Regarding Forward-Looking Statements
Certain statements provided by management in this release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks, uncertainties, and other factors that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. The most significant of these factors include, but are not limited to, the following: the performance of financial markets, the investment performance of sponsored investment products and separately-managed accounts, general economic conditions, industry trends, future acquisitions, competitive conditions, and current and proposed government regulations, including changes in tax regulations and rates and the manner in which the earnings of publicly-traded partnerships are taxed. AllianceBernstein cautions readers to carefully consider such factors. Further, such forward-looking statements speak only as of the date on which such statements are made; AllianceBernstein undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements. For further information regarding these forward-looking statements and the factors that could cause actual results to differ, see "Risk Factors" and "Cautions Regarding Forward-Looking Statements" in AllianceBernstein's Form 10-K for the year ended December 31, 2013 and subsequent Forms 10-Q. Any or all of the forward-looking statements made in this news release, Form 10-K, Forms 10-Q, other documents AllianceBernstein files with or furnishes to the SEC and any other public statements issued by AllianceBernstein, may turn out to be wrong. It is important to remember that other factors besides those listed in "Risk Factors" and "Cautions Regarding Forward-Looking Statements", and those listed above, could also adversely affect AllianceBernstein's financial condition, results of operations and business prospects.