EBIT ASSOCIATES ADVISED
SYBARIS CLUB INTERNATIONAL, INC. (“SYBARIS”)
ON ITS TRANSACTION
TO DIVYESDH (DAVE) PATEL, (‘PATEL’)

LAKEFOREST, IL – 2023 – EBIT Associates, a leading Illinois-registered, lower middle-market investment bank with several accredited association member firms, announced today that it advised SYBARIS CLUBS INTERNATIONAL, INC. (“SYBARIS”) on its sale transaction to Dave Patel Partner in a family office with several corporations (“below”), (“PATEL”), for an undisclosed amount.

Sybaris Clubs International, Inc., an Illinois corporation (“SYBARIS”), Sybaris Club of Indianapolis, LLC, an Indiana limited liability company  (“SYBARIS-Indy”) and Thomas A Korman, not individually, but as trustee of the Kenneth C. Knudson Revocable Trust (the “Trust”), on the one hand, and (A) 3350 Milwaukee Ave Inc., an Illinois corporation (“3350”), (B) Konarks Hospitality LLC, an Illinois limited liability company ( “Konarks”), (C) 7500 Lincoln Hwy Inc., an Illinois corporation (“7500”), (D) Vasudev Hospitality, LLC, an Illinois limited liability company (“Vasudev”), (E) Soommnath Hospitality, LLC, a Wisconsin limited liability company (“Soommnath”), (F) Kaalinnga Hospitality, LLC, an Illinois limited liability company (“Kaalinnga”), (G) 5466 West 8^th, Inc., an Indiana corporation (“5466”) and (H) Tooshali Hospitality, LLC, an Indiana limited liability company (“Tooshali”),on the other hand.

Headquartered in Arlington Heights Illinois, SYBARIS (www.sybaris.com) specializes providing luxury whirlpool and swimming pool rental suites, established in the early 1970’s. It operates five private clubs with locations in Indiana, Illinois, and Wisconsin.

PATEL, with headquarters in Hoffman Estates Illinois and incorporated in Illinois They have been in the hotel industry since 1996, successfully running and managing hotels in Illinois and Wisconsin with 200+ Employees and 11 locations. As a Growing Company they are looking to expand the portfolio and want to add more opportunities for the family office and its staff. They have multiple businesses in various industries Hotels, Restaurant, Retail & Wholesale.

“As business owners that needed help in our exit strategy, we were introduced to EBIT by one of our legal firms. We had an interview with EBIT’s principal, and they agreed to take us on as clients and market our company. In a short period of time, we found that Todd Cushing, principal and his team knew exactly what they were doing. They coached us through the process of the exit process. They were very informative and educated us in areas we were not familiar with, which helped our multiplier at the end of the day.  They helped us make a sound decision with the PATEL, by giving us support and advice where needed. It was a great experience made possible by EBIT. PATEL was the best possible partner with the same morals and business practices to take a 50+ year-old family business to the next level, while still caring for our employees and patrons. We would strongly recommend EBIT as your Investment Banker to market your business,” said Rande Repke president of SYBARIS.

“I am grateful for the EBIT team for their work to bring us together with our new partners. I especially appreciated how they navigated where they needed to and let us work through so much directly with our partners. Their alignment of values in the early stages, so we knew we were working with the right people.” Stated Dave Patel Partner, Buyer.

Paul Curtiss, Managing Director of EBIT Associates, added, “This was an enjoyable transaction and I appreciated getting to know both Rande Repke, Charlene Farrell and Dave Patel throughout this process. It is always enjoyable when philosophies and business focus collide.”

About EBIT Associates

EBIT Associates, a leading, lower middle-market investment bank headquartered in Scottsdale, Arizona, with offices in Illinois, New York, Texas, Wisconsin, and India. Founded in 1999, EBIT Associates provides financial advisory services to lower middle market companies throughout the world, supporting client needs principally in the areas of merger and acquisitions advisory, valuations, financial restructurings, and capital. EBIT Associates are also members of several associations, exclusive global organizations of leading merger, and acquisition advisory firms.  More information is available at www.ebitassociates.com

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Media Inquiries:  

Erica Calderon, Virtual Marketing Assistant EBIT (847)-566-0500 X 256 ecalderon@ebitassociates.com

For Transaction Related Inquiries:

Todd Cushing, Principal EBIT (847)-566-0500 X 201, tcushing@ebitassociates.com

Richard Cushing, Business Director EBIT (847)-566-0500 X 251, rcushing@ebitassociates.com

Ted Humphrey, Growth Consultant EBIT 847-566-0500 X 253, thumphrey@ebitassociates.com

Scott Miller, Partner EBIT (847)-566-0500 X 250, smiller@ebitassociates.com

Paul Curtiss, Managing Director EBIT (847)566-0500 X 259, pcurtiss@ebitassociates.com

Zeeshan Salehjee, Associate Director EBIT (847)-566-0500 X 252, zsalehee@ebitassociates.com

Monty Walker Tax/Exit Expert Director (847-566-0500 X 257, mwalker@ebitassociates.com