DJIA38904.04 307.06
S&P 5005204.34 57.13
NASDAQ16248.52 199.44
Russell 20002060.10 8.70
German DAX18163.94 -238.49
FTSE 1007911.16 -64.73
CAC 408061.31 -90.24
EuroStoxx 505013.35 -57.20
Nikkei 22538992.08 -781.06
Hang Seng16723.92 -1.18
Shanghai Comp3069.30 -5.66
KOSPI2714.21 -27.79
Bloomberg Comm IDX102.90 0.64
WTI Crude-fut91.17 0.01
Brent Crude-fut86.57 1.15
Natural Gas1.79 0.00
Gasoline-fut2.79 -0.01
Gold-fut2345.40 33.50
Silver-fut27.50 0.46
Platinum-fut940.60 -5.50
Palladium-fut1007.40 -23.60
Copper-fut423.60 1.85
Aluminum-spot1815.00 0.00
Coffee-fut212.50 5.75
Soybeans-fut1185.00 5.00
Wheat-fut567.25 11.00
Bitcoin67976.00 304.00
Ethereum USD3328.10 56.27
Litecoin98.71 0.69
Dogecoin0.18 0.00
EUR/USD1.0862 0.0007
USD/JPY151.72 -0.02
GBP/USD1.2678 0.0016
USD/CHF0.9044 -0.0014
USD IDX104.28 0.08
US 10-Yr TR4.4 0.091
GER 10-Yr TR2.406 0.007
UK 10-Yr TR4.064 -0.005
JAP 10-Yr TR0.771 -0.004
Fed Funds5.5 0
SOFR5.32 0
Connect News Money news for every market and every facet, every day.
Connect Money Events Live and virtual events bringing together the best of information and networking.
Financial Industry Events Live industry events.
Connect Creative A full service marketing and PR agency.
Connect Awards View the A-list of money & submit nominations.
Connect Media Kit Advertise, Promote, Attend, Create – Work with Connect.
About Connect Meet the team behind the machine and taste a little of the secret sauce.
Connect News

Your source for clear, concise news of maximum importance to the financial services industry.

Connect Classroom

Offering on-demand online courses that provide continuing education credits for brokers, attorneys, appraisers and architects. Select from easily accessible video and written courses that cover a variety of CRE topics.

Find Your Course
High-rise commercial buildings

STAY INFORMED

News when you need it. All our Breaking News, right to your inbox.

Sub Markets

Topics

Direct Investment  + M&As  |  January 9, 2024
Investor Consortium in Talks to Buy Airport Concessions Firm OTG
By: Joe Palmisano

Investor Consortium in Talks to Buy Airport Concessions Firm OTG

A private investor consortium led by funds managed by Oaktree Capital Management, L.P. and Centerbridge Partners, L.P. are in talks to acquire OTG, a hospitality group that provides U.S. airport concessions services.

The consortium also includes Sculptor Capital L.P., CPPIB Credit Investments III Inc., and Oak Hill Advisors, L.P.

The consortium first partnered with OTG in October 2021 to provide capital and plans to provide new financing to support its growth.

OTG founder Rick Blatstein has stepped down as CEO. Following completion of the transaction, the investor consortium plans to appoint Tom Fricke, former HMSHost CEO, as chairman of the board of directors and interim CEO.

Fricke’s team will include several members of the existing management team, including Scott Little, CFO, Christopher Redd, general counsel, and Jim Mesterharm, who has been appointed chief transition officer.

The investor consortium has experience managing companies across the transportation, aviation, hospitality, and infrastructure markets, including airports in North America and Europe.

“OTG represents a critical piece of infrastructure across 11 of the world’s busiest airports, and our group is committed to working closely with the team to expand OTG’s geographic footprint, drive technological innovation, and position the business for long-term success,” said said Emmett McCann, managing director and co-portfolio manager of Oaktree’s transportation infrastructure business.

Today, OTG operates more than 350 locations across 11 airports including John F. Kennedy International, LaGuardia, Newark Liberty International, and Minneapolis-St. Paul International, among others.

Connect

Inside The Story

OTGOaktree Capital Management, L.P.Centerbridge Partners, L.P.

About Joe Palmisano

Joe Palmisano is Editorial Director for Connect Money, where he brings nearly three decades experience of market insights as a financial journalist, analyst and senior portfolio manager for leading financial publications, advisory firms, and hedge funds. In his role as Editorial Director, Joe is responsible for the selection of content and creation of daily business news covering the financial markets, including Alternative Assets, Direct Investment and Financial Advisory services. Before joining Connect Money, Joe was a financial journalist for the Wall Street Journal, regularly publishing feature stories and trend pieces on the foreign exchange, global fixed income and equity markets. Joe parlayed his experience as a financial journalist into roles as a Senior Research Analyst and Portfolio Manager, writing daily and weekly market analysis and managing a FX and US equity portfolio. Joe was also a contributing writer for industry magazines and publications, including SFO Magazine and the CMT Association. Joe earned a B.S.B.A. in Finance from The American University. He holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.
Order Reprints