Private equity fund forms Nocturne and buys Exceptional Stays

US: Private equity fund Gladstone Investment has announced a partnership with Aureus Capital and members of the executive management team to launch Nocturne Villa Rentals, a platform for acquiring and integrating luxury vacation rental management companies.

Gladstone Investment provided equity and senior secured debt to complete the transaction.

Nocturne was founded by Scott Simmons and Marshall Calder, who will serve as chief executive officer and president respectively, bringing with them decades of experience in the luxury hospitality industry.

To build out its corporate infrastructure, Nocturne has recruited Carl Colletti to serve as its chief financial officer. Colletti has 25 years of executive experience in leading and growing businesses, serving as CFO or in other senior leadership roles.

Nocturne has also partnered with members of executive management in the acquisition of Exceptional Stays, a property management company based in Telluride, Colorado. Exceptional Stays operates around 90 exclusively managed properties in Telluride, Mexico, Spain, France and Switzerland.

Peter Roushdy, executive vice president and managing director of Gladstone Investment, said: “We’re very excited to partner with Aureus Capital and the talented teams at Nocturne and Exceptional Stays. We believe Exceptional Stays’ high-end portfolio of luxury properties and best-in-class service offering make it an ideal initial investment for this platform as we look to integrate future acquisitions under the Nocturne umbrella.”

Gladstone Investment is a publicly traded business development company that seeks to make equity and secured debt investments in lower middle market businesses in the United States in connection with acquisitions, changes in control, and recapitalisations.