RC Law advised the shareholders of STAYmyway, a Spanish start-up, on the sale of all of their equity interests to Operto Guest Technologies Inc. (a Canadian company), in exchange of cash and preferred stock of the buyer.  The firm acted as international counsel to the sellers and its role included the negotiation of transaction documents and the performance of a limited due diligence of the buyer. Buyer’s Spanish counsel was Gomez Acebo & Pombo and sellers’ Spanish counsel was Metricson. Buyer’s counsel was Canadian firm, Fasken Martineau, Vancouver office.  Partner Xavier Ruiz acted for RC Law.

Press Release

Operto Guest Technologies acquires STAYmyway

Canada: Operto Guest Technologies, a provider of smart device automation and software-as-a-service [SAAS]-based software technologies for the global short-term and vacation rental, hotel and multifamily industries, has acquired STAYmyway, a smart hospitality technology company based in Murcia, Spain.

Founded in 2014, STAYmyway has grown into a prominent technology provider throughout the European accommodation market. Last year, the company announced an exclusive partnership with Accor Hotels to provide the technology that powers the ‘Accor Key’ programme across its global network.

With Operto’s acquisition of STAYmyway, the company plans to accelerate the rollout of the programme, which encompasses Accor’s portfolio of over 5000 hotels, operating in more than 100 countries worldwide.

STAYmyway has also developed proprietary, patented hardware solutions that allow for old ‘offline’ locks to be upgraded to modern, BLE/Bluetooth-enabled locks without the prohibitive expense of replacing the original lock and subsequent door. The hardware solutions work across most major lock brands and provide hoteliers with the ability to enable a modern digital check-in experience for their customers, at a fraction of the cost of lock replacement.

By verifying and digitally checking in guests before they arrive at a property, operators can drastically reduce their staffing and guest administration burden, while allowing guests to access their room without stopping at the front desk. Now known as Operto BOOST, guests can check into a property in a “faster, cost effective and reliable” way, which will be welcome news for 97 per cent of US hotel operators who are reporting labour shortages.

Operto CEO Steve Davis said: “We are building Operto to help our customers deliver better guest experiences through simple, and affordable, technology solutions. Our acquisition of STAYmyway fits extremely well within this vision.

“Operto BOOST will help bring pre-arrival guest verification, check-in and mobile entry, into the mainstream for accommodation providers worldwide. With the ability to reuse and upgrade existing hardware, at a fraction of the normal replacement cost, we are also helping operators meaningfully lower their carbon footprint, and keep perfectly good hardware out of the landfill.

“2022 continues to be an absolutely huge year of growth at Operto, in terms of revenue, reach into new accommodation verticals, and the launching of new products and services to delight our customers.

“Looking forward, STAYmyway, with its breakthrough technology and amazing engineering team, will only give more momentum to our business by increasing our reach and putting yet another tool in our kit to help customers improve their operations and satisfy their guests,” he added.

STAYmyway CEO Faustino Fernandez said: “The entire team at STAYmyway couldn’t be more excited about continuing our collective journey with Operto. We share in their vision of enabling incredible guest experiences, through technology that surprises and delights the customer, while removing common day-to-day operational challenges from the owner.

“Adding our proprietary hardware and software expertise, into an established industry leader like Operto, paves the way for even better solutions and support for our customers around the world.

“Operto already has an incredible reputation for delivering best-in-class technology solutions, to hotels, short-term and vacation rentals across the world, and our team is committed to continuing to deliver this level of excellence to our customers,” he added.

Earlier this year, Vancouver-based Operto raised $12 million in a Series A funding round led by venture capital firm FUSE, with follow-on investments from Watchfire Venturers, BlackPines Capital Partners and other prominent investment groups. At the time, the company said that it would use the financing to further accelerate the development of its Connect™ operating system, and continue its expansion across all accommodation verticals and into new geographies.

Source: https://shorttermrentalz.com/news/operto-staymyway-acquisition/

RC Law Acts as US counsel for Corporacion Financiera Alba in connection with the legal review of the US subsidiaries of Profand Fishing.  Pursuant to the agreement of the parties, Corporacion Financiera Alba invested €100,000,000 in Profand in exchange for 23.71% of its equity, through a combination of an equity purchase and an equity investment.  The client is an investment company which is listed in Spain.  Profand is Spanish fishing industry leader. RC Law was engaged as US counsel by Ernst & Young Spain which led the transaction.

Corporación Financiera Alba se hace con el 23,7% de Profand por 100 millones

En un comunicado remitido a la Comisión Nacional del Mercado de Valores (CNMV), Alba asegura que espera completar la inversión antes de final de año.

Corporación Financiera Alba ha alcanzado un acuerdo con los socios de la multinacional pesquera Profand Fishing para invertir 100 millones de euros en la toma de una participación de aproximadamente el 23,71% de su capital social, mediante la compraventa de acciones y la suscripción de una ampliación de capital.

En un comunicado remitido a la Comisión Nacional del Mercado de Valores (CNMV), Alba asegura que espera completar la inversión antes de final de año, una vez obtenidas las autorizaciones y aprobaciones pertinentes.

Profand es una de las empresas líderes en el sector pesquero en España y líder mundial en la pesca y comercialización de cefalópodos, así como en venta de pescado en bandejas de atmósfera protectora. Cuenta con un modelo de negocio sólido por su posicionamiento en las actividades extractivas y de procesamiento y su presencia en España, Estados Unidos, Argentina, Marruecos, India, Perú y Senegal.

La inversión se enmarca dentro de la estrategia de Alba de convertirse en accionista minoritario de referencia de empresas familiares españolas y europeas, cotizadas y no cotizadas, líderes en sus sectores de actividad, “con el objetivo de contribuir a su desarrollo a largo plazo”, especifica la nota.

Source: https://www.elconfidencial.com/empresas/2021-09-13/alba-ampliacion-capital_3288290/

RC Law acted as seller’s counsel on the sale of the historic beachfront Laguna Riviera Beach Resort, located in Laguna Beach, California to Soul Community Planet hotel group.  The Laguna Riviera Beach Resort first opened in 1948 and it is the first acquisition in California of the Oregon based hospitality group.  The transaction was structured as an asset deal.  Buyer was represented by Greenberg Traurig’s San Francisco office.

BUYER’S PRESS RELEASE

Soul Community Planet (SCP) announced today the acquisition of the 41-room, beachfront Laguna Riviera Beach Resort (Laguna Riviera). The historic Laguna Beach hotel marks SCP’s first expansion into California, and its sixth hotel overall. The acquisition advances SCP’s plan to expand its footprint into communities that align with SCP’s healthy, kind, green values.

Opened in 1948, the Laguna Riviera is located directly on the beach just two blocks south of Downtown Laguna Beach. Described as a part French Riviera and part Mediterranean retreat, the resort boasts scenic coastal views, direct access to surfing and stand up paddle boarding, and features a variety of room categories, including oceanfront studios to grand one-bedroom suites, many with a full kitchen, private oceanfront decks, and fireplaces.

“The vision of Soul Community Planet is to make the world around us a better place by serving those who value wellness, kindness and sustainability. The beautiful seaside community of Laguna Beach is an eclectic fusion of California art, food and surf culture. It’s also one of the healthiest, kindest and most sustainability focused communities we know. As such, we see Laguna Beach as an ideal place for Soul Community Planet, and we look forward to merging SCP’s holistic hospitality with Laguna Beach’s cool California vibe,” said Soul Community Planet Co-Founder and CEO Ken Cruse. “Our planned renovations of the hotel are intended to complement the character of Laguna Beach and will be thoughtfully conducted with city and community involvement every step of the way to ensure our efforts add to, rather than dilute, the eclectic authenticity that makes Laguna Beach so special.”

The hotel will maintain the Laguna Riviera Beach Resort name while undergoing the planned multi-million-dollar renovation and repositioning program. The design effort, led by Kelly Ogden of ELK Collective, will infuse the hotel with SCP’s signature “Scandi-boho” design aesthetic, new landscaping and exterior, and will incorporate SCP’s distinct brand features throughout. Upon completion of the renovations, the hotel will be rebranded as the SCP Laguna Beach. Opening rates at the SCP Laguna Beach will start at $250. SCP announced earlier this year it will become fully vegetarian across all of its venues, achieve net-zero waste company-wide, and standardize all of its guest rooms on its signature “Peaceful Rooms” design by the end of 2022. These and other SCP brand services and programs are planned to be featured at the new SCP Laguna Beach. The SCP Laguna Beach is also planned to feature a signature SCP’s Provisions Market, which will offer wholesome, locally sourced, fresh, organic food and drink, including local craft beer, California wine, kombucha and coffee, along with local arts and crafts items.

Source:

https://www.hospitalitynet.org/news/4106846.html

https://www.businesswire.com/news/home/20211005006056/en/Soul-Community-Planet-Acquires-Iconic-Laguna-Riviera-Beach-Resort-Marking-First-Expansion-Into-the-Golden-State

Miami, Fla. – Mr Jeff – a laundry franchise infused with cutting edge technology that has modernized the tedious task of laundry in more than 30 countries through a seamless 48-hour home pickup and delivery mobile app-based service – announced today it is expanding its booming franchise into the United States.

After raising $43 million in funding and growing across the globe with 2,000 franchisees in Europe, Latin America, Africa, the Middle East and Southeast Asia, Mr Jeff is introducing its comprehensive “Business in a Box” franchise opportunity, connecting the offline and online worlds, to U.S. entrepreneurs.

Initially, Mr Jeff is offering the franchise opportunity to qualified entrepreneurs in select cities within Arizona; Colorado; Florida; Kansas; Massachusetts; Missouri; New Hampshire; Nevada; Oregon; Pennsylvania, Texas, Tennessee and Vermont. The company will announce additional target markets throughout 2021.

Mr Jeff was founded by three university friends in Valencia, Spain, who wanted to make life easier for their community, just like the brand’s namesake Geoffrey – the beloved, witty butler featured on the hit 90’s sitcom The Fresh Prince of Bel-Air. The trio built Jeff – an omnichannel platform bringing the convenience of Amazon or Netflix to day-to-day services like laundry, fitness, massage and beauty. Currently, laundry is the only service offering that will be available in the United States, with fitness, massage and beauty to be introduced at a later time.

Mr Jeff offers a quick and easy laundry solution ideally suited for today’s busy consumers, and those looking for a contactless laundry solution during the ongoing pandemic. After the customer places the order through the app, the laundry bag is collected at the customer’s home, the order is processed at the Mr Jeff store and the clean clothes are sent to the customer’s home within 48 hours – all touchless. While customers have an option to drop off and/or pick up their clothes at the physical Mr Jeff location, the majority choose the convenience of the pickup and delivery service.

Throughout its international expansion, financial backers have repeatedly shown confidence in the scalability of the business. The latest example is a signed agreement with Clean Ventures, a venture capital fund that invests in growth-stage laundry companies. The fund is managed by industry leaders with more than 100 years of combined industry experience who have collectively built hundreds of laundromats across the United States, including Alex Weiss, founder and CEO of Clean Rite Centers, a laundry service superstore chain which has developed more than 200 locations across North America.

“Mr Jeff has proven to be a laundry franchise with an incomparable vision and an operation that has led it to consolidate internationally. After 25 years in this sector, their business model has still surprised us, and we want to bet on them for their entry into the U.S.,” Weiss said.

In addition to its safe pickup and delivery, customers are also drawn to Mr Jeff’s subscription service. For a reasonable monthly fee, they can schedule weekly laundry and ironing services. Franchise owners in international markets have noted the benefits as well, as the subscription service provides a recurring revenue platform.

Due to its contactless pickup, delivery model, and a commitment to disinfection best-practices, Mr Jeff flourished in 2020 while other laundry service providers were hard hit. Entrepreneurs opened 185 locations internationally from March 2020 through the end of the year.

Mr Jeff franchisees can also take advantage of a turnkey model, with everything they need to run their business starting from day one, as well as a comprehensive “Business in a Box,” with three proprietary technology products:

The Jeff App, for customers to schedule services from the palm of their hand.

The Jeff Suite, a unique management software designed to attend to the needs of the business and cater its growth with functions such as invoicing and P&L, in which entrepreneurs can make data driven decisions based on metrics like the number of orders, income, requested services, number of subscriptions and active users.

The Jeff Driver app, which is connected to Jeff Suite and Jeff App, to manage all the pickup and delivery timings and routes.

This gives employees and business owners an easy way to run everything from their synchronized and powerful business mobile-friendly apps.

The “Business in a Box” also includes an international brand and promotion materials, specialist training and support, industry know-how and innovative business plans that set every franchisee up for success on how to run this distinctive laundry business. Among these resources includes a marketing playbook, with tools that allow them to customize materials, tactics and campaigns for local markets; and access to Jeff Academy, an online learning platform with the most detailed and comprehensive aid immediately available to franchisees.

With its simple yet advanced operations, each location typically has up to five employees, including a driver.

“We’ve seen a trend of ‘covid-preneurs’ seeking to control their own destinies through entrepreneurship in other countries, but none more so than the United States,” said Eloi Gomez, co-founder and CEO. “We built Mr Jeff to democratize entrepreneurship and let anyone take control of their financial future through business ownership. With Mr Jeff’s introduction to U.S. entrepreneurs, we hope to provide an ideal opportunity for those ambitious individuals looking to leverage a simple business operation with a relevant, tech-based service that makes life easier for consumers.”

Source: https://www.franchising.com/news/20210414_mr_jeff_brings_transformational_techbased_laundry_franchise_to_us_market.html

RC Law acted as U.S. buyer’s counsel in connection with the acquisition by Gases Research Innovation & Technology (GRIT), a Barcelona based company, of a majority interest in Summit Refrigerants LLC, a Texas based refrigerants gas company.  GRIT was supported by Moira Capital Partners, one of its principal investors.  PwC in Barcelona and Madrid acted as Spanish tax and corporate counsel and as US tax counsel.  Sellers were represented by Norton Rose Fulbright, out of its Houston office. The transaction was completed on March 7, 2021. 

Spanish company GRIT (Gases Research Innovation & Technology), specialized in refrigerant gases and with headquarters in Barcelona, has acquired an interest in the American company Summit Refrigerants strengthening its position in the refrigerant gas industry of the USA.

This international collaboration is looking forward to creating a new player with a highly technical orientation in the refrigerant industry in the USA. This joint venture will allow the entrance of GRIT’s technical expertise into the American market. The collaboration between the companies will enhance Summit’s current processes.  Immediate plans include significant enhancements to Summit’s current facilities in Houston, allowing it to provide additional services as the US continues its move towards more environmentally sustainable policies. With this collaboration, GRIT will grow exponentially in the USA, allowing it to better serve its current customers there. The joint business plan is designed to more than double Summit’s 2020 volume in the short term.

GRIT started its activity in the USA in 2016, raising its awareness about the US market potential. In 2018, with the financial support of Moira Capital Partners, GRIT gained the momentum to proceed with a geographical expansion.  The search for the right partner began in earnest with the support of Fredericks Michael & Co. This search resulted in the joint venture with Summit Refrigerants, a company with ample experience and a strong track record of success in the US refrigerant market. With headquarters in Houston, and locations in Dallas and Baton Rouge, Summit Refrigerants stands out for its quality products and service.  The two companies’ respective strengths will play well together.

“The strong business and personal relationships developed between the two companies and their principals predicts a promising future for the collaboration in the US refrigerants market”, asserts Mr. Jose Luis Müller, CEO of GRIT.

“Sharing the same vision and principles has been essential for reaching a common objective” explains Mr. Javier Gutierrez, Business Development Manager of GRIT, who will be in charge of initiating the US business plan.

About GRIT (www.gasesgrit.com)

GRIT was founded in 2001 by Ramon Terrado, current President of GRIT, and specializes in the distribution, storage and development of liquefied gases and their mixtures for industrial applications.

GRIT is focused on developing products and services compliant with the increasingly stringent environmental regulations.  

About Summit Refrigerants (www.summitrfgs.com)

Summit Refrigerants was founded in 2008 by Steve Trevino and Jeff Carver, managers of the company who will continue in their current roles. Summit is an US EPA-Certified refrigerant reclaimer, dedicated to providing quality products, in-house refrigerant services, and on-site field services.  The company prides itself on providing unmatched customer service.

About Moira Capital Partners (www.moiracapitalpartners.com)

Moira Capital is the first Capital Equity specialized in direct investments in innovation Spanish companies, looking forward to getting a high return for private and institutional investors.

During last 3 years. Moira Capital has invested more than 120 million € for the support of high potential projects within 8 Spanish companies.

For more information on this transaction, please see: https://gasesgrit.com/en/grit-acquires-interest-in-american-company-summit-refrigerants-and-strengthens-its-position-in-the-usa