Filed under: Raising money, Private equity industry, Investments
Yesterday, a story came across Business Wire that was far from a normal private equity story.
A newly-created firm called Javan Capital Partners LLC has apparently purchased several businesses from what is stated to be a great young entrepreneur named Artin Afsharjavan, for a total of $6 million in cash and equity. What those exact terms are may be something else, but here is where the deal is different than 99.99% of all announcements of the sort: he’s listed as being 19 years old, and it states he had already invested $2 million in Javan before this one shut.
The businesses bought include Restaurant Javan, a Persian restaurant located in Bethesda. This also includes L3 Investments, Continental Alliance Corp., RentSeek.com, USARecalls.com, HillStreetDiamonds.com, and L3 Transportation.
If you look over this, it sounds like the new firm wants him opening new operations rather than operating these other businesses. Robert Long, vice president of acquisitions at Javan Capital Partners, said they approached him about purchasing his companies to allow him devote more time to Javan Capital Partners.
There may be a bit of a PR ploy here, as Javan Capital Partners noted that it is continuing to raise additional capital and is about to close it to new investments until some time in 2009. You can go poke around at all of these sites to see what your think on your own because some of the sites are down or say they’re being relaunched as of today.
I haven’t been able to confirm any of the comments from the press release, so you’re on your own. I thought going to work for a stock broker at 18 was impressive, but this looks enjoy it blows that away.
Business Wire has another story about him buying a retail granite chain last month and YoungEntrepreneur.com has a profile you can see. Congratulations to him if the terms are all straightforward as they were laid out in the main release
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