North Country Hospitality, Inc. announced this morning that it has merged its businesses with Seaway Valley Capital Corporation (OTCBB:SWVC). The new company will have combined assets of over $31 million. The company expects to have annual revenues of greater than $40 million per year. The merger agreement was finalized late last week.
“This agreement will open opportunities for both companies to expand their core businesses and strengthen their ability to attract capital,” explained Christopher Swartz, NHSP CEO. “The shareholders of North Country can now point to a company which has increased its value by over 40% through partnering with an organization that is a clear complement to the goals we’ve set for our restaurant operations, expansion of our resort holdings and enhancing the competitiveness of our line of retail beverages including Sackets Harbor Brewing Co. and 1812 ale.”
Seaway Valley Capital Corporation makes equity, equity-related, and debt investments in companies that require expansion capital. Seaway seeks investments in leveraged buyouts and companies that are restructuring. Seaway considers investment opportunities in numerous industries, including retail, restaurants, media, business services, manufacturing, and select technologies.
North Country Hospitality Inc., a holding company, has its main focus on acquiring companies specializing in the restaurant and hospitality industry. The company’s multiple operating platforms include a wide variety of hospitality, and beverage companies. Also included are fine dining establishments, casual and wine bar restaurants, Mexican cuisine dining, franchised quick service restaurants, and luxury resort suites. North Country also holds equity positions in two large commercial New York bakeries.
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