Acquisitions

In 2008, we provided financing to Public Power, a deregulated electricity supplier in Connecticut.  In 2009, we acquired the company for $13 million.  At that time, the company had 30,000 customers.  We expanded into other states like Pennsylvania, New Jersey, New York, Maryland and Washington, D.C.  In 2012, we merged with Viridian, renamed the company Crius and went public on the Toronto Stock Exchange.  We expanded into Texas and made additional acquisitions, reaching approximately 1.4 million customers.  In 2019, we sold the company to Vistra Energy for $486 million.

Established in 1946,  Convenience Valet (“CV”) manufactures and distributes blister pack branded convenience / travel size health and beauty care products, over-the-counter drugs, personal care products, auto care supplies, and sundries sold in small portion packages.  The company was purchased by GIF and others in 2015 for $26.3 million. After replacing key management personnel and upgrading facilities & processes, GIF successfully exited the investment through a sale to competitor Lil Drug in 2020 for $73 million.

In 2017, a Gries Investment Funds entity provided financing to Q1.  Q1 is actively engaged in designing, manufacturing and distributing products for the two primary consumer cellular operators in the US, AT&T and Verizon.  As a lender to the company, we recognized that Q1 had significant growth potential and acquired the company in 2018.  In it’s first full year after acquisition, the company grew its total revenue by 26%.

Founded in 2013, Skybell Technologies (“Skybell”) is a home security and automation solutions company which holds many patents for the products that make up the modern-day smart home.  Gries Investment Funds participated in the acquisition of the company 2019.  Skybell is expanding its product portfolio to include outdoor cameras, garage cameras, indoor cameras, and vehicle cameras.  As we enter the 5G era, Skybell is poised to benefit from its growing customer base and robust patent portfolio.

Real Estate

Cortona is a 13 acre site situated in the heart of South Tampa.  The site sat as vacant land for the past 20 years.  With Tampa developer John Lum, we acquired the site in 2016 and recognized the potential for a multi-family site consisting of both apartments and townhomes.  The project was completed in 2019 with 160 apartments and 140 townhomes and state of the art amenities.  The multifamily project was sold in 2021.

The Gries Investment Funds partnered with an experienced developer and provided equity to build a 42 unit, 108 bed student housing townhome development near Cornell University.  The project was incredibly well received by the community and achieved 100% occupancy prior to the beginning of the 2019-2020 academic year, only 12 months from the date construction began.  Similar projects with this development partner are currently being pursued at other universities around the Southeast and Midwest US.

This project is an apartment development located near Appalachian State University.  The venture is well positioned to capitalize on the recovery in student housing as the country emerges from the pandemic.  The attractive cost basis of this property combined with a well-seasoned developer provided the underpinnings for this deal.  This building is expected to be open to students in the Fall of 2021.

The Gries Investment Funds partnered with an experienced developer of office and retail space to purchase this iconic building in Tampa, Florida.  The income-producing asset was purchased in an off-market transaction in 2018 and the developer has significantly enhanced its value through space reconfiguration, tenant changes, market rent adjustments and increased tenant amenities.