The Wilton Cos., headquartered at Dickens Road and Staples Mill, has more than 3,000 share up for grabs.
The namesake family of a local real estate firm is looking to unload much of its stake in the company.
Shares of the Wilton Cos. are being offered for sale by Hank Wilton and his family as they continue to distance themselves from the business started in 1945 by Wilton’s father, E. Carlton Wilton.
The Wiltons are selling 3,200 shares of the company at $825 per share, potentially netting $2.64 million.
Hank Wilton, who has been advertising the shares around town, said the effort to sell them is related to family planning and is not tied to his previous bankruptcy that forced him to relinquish much of his personal stake in the company.
“These are some of the last Wilton family shares,” he said.
The sale offers a rare chance to buy a stake in the closely held, private company that develops, owns and manages shopping centers, apartments, offices and other properties across Richmond and other markets.
A few thousand shares were offered at auction last year as a result of Wilton’s bankruptcy. He had guaranteed tens of millions of dollars in loans on residential real estate projects using shares of the Wilton Cos. as collateral. He stepped down as chairman of the Wilton Cos. in late 2012.
Wilton said he hopes that shares will fetch a good price as the economy rebounds and the performance of the Wilton Cos.’ bottom lines improves with it.
“I think as the market gets better, those shares get better,” he said. “It seemed like a good time.”
Some of Wilton’s shares in the company that previously went up for grabs were snagged by Wilton Cos. CEO Rich Johnson and Rodney Poole, the company’s general counsel.
Johnson wouldn’t say whether the Wilton Cos. itself might be inclined to buy the shares in this latest offering.
“Whether we would have an appetite would depend on price and other terms of the sale,” he said.
Poole said the company would not comment on what percentage of its total shares is made up by the 3,200 for sale.
But the 3,049 shares that were put up for auction in 2013 amounted to a 4.8 percent stake in the company at the time.
Not one to sit idle after his bankruptcy, Wilton is still in the real estate game. He said he’s been working a townhouse development on Wistar Road, the Iron Mill development in Chester and has plan in the works for some lots off Dumbarton Road.
“I’ve just been getting back into the development business,” he said. “It’s still slow. It seems to be doing better.”
The Wilton family’s shares are being offered in two sets of 1,600 in two separate sales. The deadline for offers on the first 1,600 shares is Jan. 15. The deadline for the second set is January 2016.
The Wilton Cos., headquartered at Dickens Road and Staples Mill, has more than 3,000 share up for grabs.
The namesake family of a local real estate firm is looking to unload much of its stake in the company.
Shares of the Wilton Cos. are being offered for sale by Hank Wilton and his family as they continue to distance themselves from the business started in 1945 by Wilton’s father, E. Carlton Wilton.
The Wiltons are selling 3,200 shares of the company at $825 per share, potentially netting $2.64 million.
Hank Wilton, who has been advertising the shares around town, said the effort to sell them is related to family planning and is not tied to his previous bankruptcy that forced him to relinquish much of his personal stake in the company.
“These are some of the last Wilton family shares,” he said.
The sale offers a rare chance to buy a stake in the closely held, private company that develops, owns and manages shopping centers, apartments, offices and other properties across Richmond and other markets.
A few thousand shares were offered at auction last year as a result of Wilton’s bankruptcy. He had guaranteed tens of millions of dollars in loans on residential real estate projects using shares of the Wilton Cos. as collateral. He stepped down as chairman of the Wilton Cos. in late 2012.
Wilton said he hopes that shares will fetch a good price as the economy rebounds and the performance of the Wilton Cos.’ bottom lines improves with it.
“I think as the market gets better, those shares get better,” he said. “It seemed like a good time.”
Some of Wilton’s shares in the company that previously went up for grabs were snagged by Wilton Cos. CEO Rich Johnson and Rodney Poole, the company’s general counsel.
Johnson wouldn’t say whether the Wilton Cos. itself might be inclined to buy the shares in this latest offering.
“Whether we would have an appetite would depend on price and other terms of the sale,” he said.
Poole said the company would not comment on what percentage of its total shares is made up by the 3,200 for sale.
But the 3,049 shares that were put up for auction in 2013 amounted to a 4.8 percent stake in the company at the time.
Not one to sit idle after his bankruptcy, Wilton is still in the real estate game. He said he’s been working a townhouse development on Wistar Road, the Iron Mill development in Chester and has plan in the works for some lots off Dumbarton Road.
“I’ve just been getting back into the development business,” he said. “It’s still slow. It seems to be doing better.”
The Wilton family’s shares are being offered in two sets of 1,600 in two separate sales. The deadline for offers on the first 1,600 shares is Jan. 15. The deadline for the second set is January 2016.