Solstice Announces Ownership Restructuring
MAY 16, 2008. Solstice, the leading second-home destination club, announced that Graham Kos, Solstice founder, and outside investors have purchased a controlling interest in the company. The stake was purchased from the founding investors of Parallel, a high-end destination club that merged with Solstice in December 2006. The merged club, combined under the Solstice brand name, enjoyed unprecedented success in 2007, with over 60% growth in membership deposits and the number of homes in the portfolio.
As part of the ownership restructuring, Graham Kos is assuming the position of CEO and President from Acting CEO and President Timothy Weller, who is leaving the company. "We want to thank Tim for his leadership over the past year in completing the merger integration and broadly improving our operating processes, service standards, and financial transparency. He also led a team that drove a quantum leap in the rate of membership sales with over $20 million of new deposits in the second half of 2007," said Kos. He went on to add that "The vision of Solstice has not changed. With our core membership service and home acquisition teams still in place following the restructuring, Solstice members will continue to see positive changes in the high level of service and great access to a growing portfolio of the finest homes around the world."
Tim Wolff, outgoing Chairman of the Board, added, "The merger of Solstice and Parallel came at a perfect time for both companies, and the critical mass achieved created great momentum for the new Solstice, culminating in winning every major industry award in 2007. While I am retiring from an active Board role, I will continue to enjoy Solstice as a member. I want to thank Chad Morse, my co-founder in Parallel and the CEO of Parallel and the combined Solstice through May 2007. We wish Graham and the Solstice team well."
Members or prospects with questions can contact the Solstice membership development and service team.
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