Northbrook, IL (Jan. 31, 2010) –- Shell Vacations LLC, a leader in the development, sales and operation of vacation ownership properties throughout North America, today announced it has received a substantial investment from York Capital Management, a leading global investment firm. As part of the transaction, Shell Vacations completed a recapitalization through which it replaced its existing senior term loan with a York equity interest and a working capital loan. Simultaneously York acquired a portion of the Company’s existing indebtedness.
The Company intends to use the proceeds from the recapitalization to grow its operations and pursue opportunities in related businesses. Terms of the transaction were not disclosed.
Shell Vacations LLC operates through a club points system that allows its club members to use their points at any resort in the Shell system or for any number of external benefits including hotels, flights, cruises, and entertainment.
“We are very pleased to welcome our new partners to the company,” said Sheldon Ginsburg, Chairman of Shell Vacations LLC. “York brings an expertise in structuring and financing that will be particularly important in Shell Vacations’ ongoing development.”
Shell Vacations LLC President Tracy L. Sherles agrees, “With York’s investment and access to capital, Shell Vacations will be well positioned to capitalize on future developments and opportunities.”
About Shell Vacations LLC
Headquartered in Northbrook, IL, Shell Vacations LLC is one of the nation’s leading independent vacation ownership developers with 23 resorts and over 1,700 employees. The company specializes in the sales, marketing and hospitality management of its vacation ownership resorts as well as the servicing of over 125,000 owners/members. For more information, please visit www.ShellVacationsClub.com and www.ShellVacationsHospitality.com
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