Centerboard Group Portfolio Company, Signor Lodging, acquires 1,056 room lodging facility from Potash Corporation of Saskatchewan

12/01/2017 05:10

NEW YORK, Jan. 12, 2017 /PRNewswire/ -- Centerboard Group, through its portfolio company Signor Lodging, has acquired the 1,056 room Rocanville lodging facility from Potash Corporation of Saskatchewan. The turnkey facility includes a complete kitchen/dining facility, recreation areas and all associated site infrastructure. Signor intends to relocate the purchased assets to the U.S. to supplement its market leading position in the prolific Permian Basin and SCOOP/STACK plays.

"This was our third acquisition in 2016 and is consistent with our overall strategy of consolidating the workforce housing market in the U.S. and repositioning assets at an appropriate cost to areas of high demand," said Lee Eichen, a partner at Centerboard Group. "This high quality facility is a great complement to Signor's existing asset base and allows us to continue to support the growth of our market-leading customers."

The purchase was funded from Signor's existing cash on hand and will lead the way for its aggressive 2017 acquisition program.

About Signor Lodging:
Signor Lodging is one of the largest workforce housing and logistics providers in the United Sates with locations throughout the South-Central and Midcontinent regions. Signor has grown its asset base by over 400% since being acquired by Centerboard in 2014.

About Centerboard Group:
Centerboard Group, LLC is Private Equity firm focused on investments in oil and gas and real estate. Founded in 2009, the firm and its affiliates have offices in NY, Austin, Denver and Calgary.