In a club deal, theinvestorgroupof private equity firms pools its assets together and makes the acquisition collectively.
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In 1978, aninvestorgrouppurchased the building intending to convert it to a hotel and casino.
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A few years after that, in 2007, the then non-profit institution was acquired by a privateinvestorgroupand turned into a for-profit college.
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After a pre-qualification phase a short list of seven investor groups were eventually invited to apply carry it out.
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Hence, our data are not contaminated with any biases since they include broad investor groups.
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