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Client Success

Blackburn Investment Management: Acquisition of Six Boutique North Shore Resort Properties

May 31, 2019

Blackburn Investment Management (Blackburn) is a private equity firm located in Minneapolis. Since the company's inception in 2012, Maslon has provided strategic counsel across a broad spectrum of needs, including raising both equity and debt, navigating employment matters, negotiating business acquisitions, and managing real estate transactions.

In 2018, the Maslon team led by Shauro Bagchi represented Blackburn in the purchase of six boutique resort properties in the North Shore—East Bay Suites in Grand Marais, The Caribou Highlands in Lutsen, and Beacon Pointe in Duluth as well as Breezy Point Cabins, Grand Superior Lodge, and Larsmont Cottages in Two Harbors. Blackburn saw the long-term potential growth and development for the property portfolio, and the previous owners realized it was a great time to sell, especially to a firm with the capital to improve the properties.

Teaming up with a hospitality company and additional investors, the Maslon team acted as transaction counsel for all parts of the acquisition including: the purchase and sale of the resort business, the purchase and sale of multiple parcels of real estate, bank financing for the purchase, and private placement of equity securities to partially finance the purchase. Maslon team members included attorneys Andy Jacobson, Mark Klos, Brad Pederson, Adam Duerr, and Susan Markey as well as paralegal Shirley Bock.

All parties were so pleased with the work Maslon did that the seller hired Maslon to continue to provide general counsel advice after the transaction closed on an ongoing basis.

View Star Tribune's coverage on this matter: "North Shore resort operator changes hands in deal worth millions."


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