BUSINESS BRIEFS
Investor group buys Lex Brodie
Advertiser Staff Reports
Lex Brodie's Tire Co. has been sold to a group of investors that includes the company's general manager, Scott Williams.
The investors group, LBTC Holdings LLC, is led by Arizona investor Robert Hardin. LBTC acquired the company from Finova Hawaiian Holdings for an undisclosed amount.
The acquisition will not affect day-to-day operations of Lex Brodie's five stores in Kaka'ako, Kalihi, Waipahu, Pearl City and Kane'ohe, LBTC Holdings said in a news release.
Finova Hawaiian Holdings is an affiliate of Arizona-based financing firm Finova Group Inc., which acquired Lex Brodie's in a 2002 foreclosure.
BARNWELL BUYS INTO KONA RESORT
Barnwell Industries Inc.'s wholly owned Kaupulehu Investors LLC has acquired a minority interest in the Hualalai Resort, at Ka'upulehu in North Kona, for $3 million. The deal includes the Four Seasons Resort Hualalai at Historic Ka'upulehu, two golf courses and undeveloped residential property.
Honolulu-based Barnwell also announced the receipt of $1.5 million for real estate consulting services rendered in a separate transaction. The payment will be recognized in Barnwell's fourth quarter ended Sept. 30. Barnwell's shares closed up 1 cent at $22.74 yesterday on the American Stock Exchange.
BOTTLED SEAWATER CONTRACT GROWS
Deep Sea Water International Inc., the producer of Kona Deep bottled water, expanded its agreement with Ito-Yokado Co. and will have its product carried exclusively in 180 of the retailer's stores in Japan.
The desalinized bottled seawater collected off the Big Island is growing steadily in popularity in Japan since being approved for distribution in September, the company said.
Deep Sea Water is in talks with other Japanese companies about developing products that use or are related to its product. The company said it also is looking at gaining approvals for distribution of its bottled water in Hawai'i and will follow with distribution on the Mainland and in Europe.
