US: Westbridge Capital, a private equity management company, has acquired an indirect controlling interest in Seattle-based provider ABODA, Inc.
ABODA will be owned by Westbridge’s new subsidiary RESIDE Worldwide, which will be helmed by former ABODA president Lee Curtis.
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Michael Meekins, president of Westbridge Capital, said: “Since its inception in 1988, ABODA has evolved into one of the leading providers of corporate housing in the industry. ABODA’s exceptional financial performance, coupled with a culture of quality and service, state-of-the-art technology and an outstanding employee and management team made it the logical choice for our first acquisition in this very exciting segment. The acquisition of ABODA fits nicely in the launch of our alternative accommodation brand, RESIDE Worldwide. ABODA will be the launching point of our mission to acquire and roll up the best performing companies in and outside of our industry. In addition to the roll-up, RESIDE Worldwide will pursue targeted real estate acquisitions and building management opportunities.”
RESIDE CEO Lee Curtis said: “We see RESIDE’s core mission as that of an innovator, bridging the gap between the housing and hospitality markets. RESIDE will be able to satisfy growing consumer demand for alternative housing by offering clients and guests a broader range of choice and flexibility for global accommodations, while still offering high quality, flexible, vetted options coupled with outstanding customer service. We are very excited about building upon ABODA’s momentum and reputation and maximizing the team’s potential, led by Dave Caple, president of ABODA, to carry out the RESIDE Worldwide growth plan.”</p
