ABODA, FORMERLY NORTHWEST SUITES & HOUSING SERVICES, ACQUIRES BOSTON-BASED
CORPORATE HOUSING OPTIONS AND SUITE HOUSEWARES, INC
Launch of national expansion comes on heels of name change.
September 27, 2005 - Redmond, WA - ABODA, formerly Northwest Suites & Housing Services, has acquired Boston-based Corporate Housing Options (CHO) and Suite Housewares, Inc. (SHINC) CEO Dave Caple announced today.
Coming on the heels of the company's name change, this acquisition launches an aggressive pattern of expansion and service diversification for ABODA and its corporate relocation and housing services. "This purchase offers long term strategic value and lends credibility to ABODA as a viable business model that can provide coast to coast national coverage," Caple said. "It also gives us a foothold on the East coast for expansion, among other benefits."
The merger builds on an existing relationship between the two organizations and will allow ABODA to provide additional services to existing clients as well as grow its customer base.
"CHO and ABODA have been doing plenty of reciprocal business for quite some time," said Gary Ciabotti, owner of CHO and SHINC. "The merger will offer customers a seamless experience across both coasts from a single company doing business under the ABODA banner."
Ciabotti, owner of both Boston-based entities, brings nearly a decade of business ownership and management experience to ABODA. He joins the company as senior vice president in charge of East coast operations and will play a large role in the ABODA national expansion and sales effort.
"Ciabotti's expertise, industry knowledge, and reputation will factor considerably into the success of the new and expanded organization. Corporate Housing Options, like ABODA, is very visible in the corporate housing industry and shares similar values about customer service and growth," Caple said.
"The opportunity to participate as a senior member of a vibrant, forward thinking, experienced, and well-organized management team is an exciting endeavor. ABODA's employee stock ownership trust (ESOT) structure was a key component for my decision to move forward with this transaction. The entrepreneurial spirit of an individual owner is paramount when providing services on a national basis, and I believe the ESOT configuration will keep that spirit alive," Ciabotti said.
"The ESOT arrangement will be very attractive to other individual owners as we move forward with additional growth opportunities. Acquiring other similarly aligned companies will be the key to smooth growth and service diversification for ABODA in the months and years ahead. Under the Employee Stock Ownership Program model, there will be substantial tax benefits to shareholders and the corporation," he added.
Ciabotti shares Caple's vision for future growth and acquisitions. He is enthused about joining forces with a forward looking organization that has such a strong ownership culture.
More about Corporate Housing Options and Suite Houswares, Inc.
Under the ownership and direction of Gary Ciabotti, Corporate Housing Options (CHO) has become a premiere provider of corporate apartments throughout New England since 1986. CHO specializes in servicing the needs of the relocation industry and providing cost effective, premium quality, temporary living options to the business travel community. Clients include Boston Scientific, Gillette, Novartis Pharmaceuticals, Raytheon, State Street Bank, and Wyeth Pharmaceuticals. Suite Housewares, Inc. was formed in 2002 to provide premium grade housewares to all of the CHO suites.
More about ABODA:
Since 1988, ABODA has been providing housing solutions and services to leading Fortune 500 companies and professional sports teams across the nation. ABODA Corporate Housing provides All the Comforts of Home® by offering thousands of unique housing options that blend the comforts of living in a home with the amenities clients need to make their stays comfortable, productive, and rewarding. ABODA Cleaning Services provides quality carpet, upholstery and housekeeping services as well as home settling-in services. ABODA Furnishings provides furniture rental or purchase of new and gently used home interiors. And finally, ABODA Real Estate helps clients find, buy, sell or manage their home. An award-winning, employee-owned ESOP corporation, ABODA was named among the fastest growing private companies in the Puget Sound region by the Puget Sound Business Journal. The company is a recognized leader in employee satisfaction, customer service, and community involvement and was awarded a prestigious place on Washington CEO magazine’s “Best Companies to Work For” list. Visit www.aboda.com to learn more.
Contact: Karen Bruhn, 425.836.9828, k.bruhn@verizon.net