EACO subsidiary agrees to buy corporate HQ property from CEO's trust for $31M cash

EACO CORP

Bisco Industries, wholly-owned subsidiary of EACO, entered Purchase Agreement for Anaheim HQ property from trust controlled by CEO Glen Ceiley for $31M cash.
Transaction expected to close within 60 days; property currently houses corporate headquarters and Anaheim distribution center.
Company states the purchase will utilize cash position and reduce corporate overhead expenses.
Purchase price $31M; deposit $25K; closing scheduled for October 13, 2023 or as mutually agreed.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

EACO CORP entered into Purchase Agreement for Real Property and Escrow Instructions with Glen F. Ceiley and Barbara A. Ceiley Revocable Trust valued at $31,000,000 (effective 2023-10-05).

Action: entry
Agreement: asset purchase
Counterparty: Glen F. Ceiley and Barbara A. Ceiley Revocable Trust
Value: $31,000,000
Effective: 2023-10-05

Exact text from the filing

On October 5, 2023, Bisco Industries, Inc. (“Bisco”), a wholly-owned subsidiary of EACO Corporation (the “Company”), entered into a Purchase Agreement for Real Property and Escrow Instructions (the “Purchase Agreement”) with the Glen F. Ceiley and Barbara A. Ceiley Revocable Trust (the “Trust”), a trust beneficially owned and controlled by Mr. Glen F. Ceiley, the Company’s Chief Executive Officer, Chairman of the Board and major stockholder. Pursuant to the Purchase Agreement, the Trust agreed to sell the real property located at 5037/5065 East Hunter Avenue, Anaheim, California 92807 (the “Existing Property”), which currently houses the Company’s corporate headquarters and Anaheim distribution center, for a purchase price of $31,000,000 in cash (such transaction, the “Property Purchase”).

View on SEC.gov

Browse all material agreements →

EACO CORP filing history →

Source: SEC EDGAR

accession 0001104659-23-107300

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.