Company with lodging in ND part of merger
A company with workforce housing facilities in the Bakken in North Dakota, and a company with similar services in the Permian and Anadarko Basins have entered into a merger agreement with Platinum Eagle Acquisition Corp.
The merger of Platinum Eagle with Target Logistics Management, LLC (Target Lodging) and RL Signor Holdings, LLC (Signor Lodging) will create the largest provider of specialty rental accommodation space including catering and value-added hospitality services in the United States.
“Under the terms of the business combination agreement, Target Lodging and Signor Lodging will become wholly-subsidiaries of Platinum Eagle. Platinum Eagle intends to change its name to Target Hospitality Corp. and remain Nasdaq-listed under a new ticket symbol,” according to a news release announcing the merger.
Platinum Eagle Acquisition Corp., a publicly traded special purpose acquisition company, began trading on Nasdaq in January.
Founded in 1978, Target Lodging, based in The Woodlands, Texas, is the largest provider of turnkey accommodations in the U.S.
In the Bakken in North Dakota, Target Lodging operates properties including Dunn County Lodge at Dickinson, Judson Lodge and Williston County Lodge at Williston, Stanley Hotel at Stanley and Watford City Lodge at Watford City, according to its website.
In September, Target Lodging entered into an agreement to operate and manage Signor Lodging, a leading provider of specialty rental accommodations to oil and gas customers in Texas, the news release said. That transaction expanded Target Lodging’s footprint in the Permian and Anadarko Basins.
Signor Lodging was founded in 1990 and specializes in remote workforce housing serving oil and gas customers with the operation of several properties across West Texas, Southeast New Mexico and Oklahoma.
Together, Target Lodging and Signor Lodging collectively own and/or operate more than 20 communities in the U.S. with about 13,000 total beds, supporting oil and gas and also government agencies and contractors.
The current Target Lodging management team will lead the combined companies. The proposed transactions are expected to be completed in the first quarter of 2019, officials said.