Colony Capital Inc., the downtown-based real estate investment firm with more than $44 billion of assets under management, reached an agreement with one of its activist investors that adds two directors to its board immediately.
The company also vowed to begin a strategic review of its business, according to a prepared statement.
Colony, which is run by Thomas Barrack Jr., the firm’s chairman and chief executive, said in the statement that Craig Hatkoff and Raymond Mikulich will join Colony’s board as part of a pact with New York City-based Blackwells Capital, an alternative investment management firm.
Colony and Blackwells, which owns about 2 percent of Colony’s shares, will jointly agree on a third, new director at a later date, according to the statement.
“Both Ray and Craig bring valuable real estate and finance experience as well as new perspectives to our board,” Barrack said.
Colony said it formed a strategic asset review committee, which will make recommendations to the board on issues related to the company’s assets and business configuration.
Mikulich and Hatkoff will sit on the committee.
“Colony has a great portfolio of assets and significant opportunities ahead to create value for all shareholders,” Blackwells Managing Member Jason Aintabi said in a statement.
Mikulich has significant experience in the real estate industry, having served on the boards of a number of public and private real estate companies, including Toronto-based Altus Group Ltd.; Charlotte, N.C.-based Campus Crest Communities Inc.; and Arlington, Va.-based Interstate Hotels & Resorts Inc.
Hatkoff has an extensive real estate and capital markets background, including formerly serving as the managing partner of New York City-based Victor Capital Group, co-head of the real estate investment banking unit of New York City-based Chemical Bank (since purchased by JPMorgan Chase & Co.); and director of New York-based Capital Trust Inc.
Colony’s shares have plummeted about 59 percent since early January 2017 after it merged with NorthStar Asset Management Group Inc. The stock closed Feb. 12 at $6.08. In early 2017, when the NorthStar deal was announced, Colony’s shares traded at $14.73.
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Marlin-owned Logi buysJinfonet
Marlin Equity Partners, a Hermosa Beach-based global investment firm with $6.7 billion of capital under management, purchased Jinfonet Software Inc., a provider of embedded analytics and reporting software.
The company’s software embeds customizable reports and dashboards into web applications that allow end users to make better business.
Terms of the transaction were not disclosed.
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