August 15, 1989 |
Thomas E. Epley, chairman of Bekins Co., recently moved into a new ground-floor office at Bekins' modest, red-brick headquarters building in Glendale. But in front of his desk is a wall still undergoing renovation, its wallpaper torn away and awaiting a new finish. The wall is an apt metaphor for Bekins since Epley took the helm of the venerable moving company in 1985.
March 1, 1989 |
They rise like medieval castle keeps above busy Southern California intersections. Their steep blank sides, relieved by rows of small windows, give no clue to the activities behind their fortress-like walls. Only the skyline signs reading Bekins Storage reveal the mundane purpose of these muscular architectural landmarks. The era of the grand Bekins castles is past, along with the grandeur of the service that moved America when the entire country seemed to be shifting West.
August 30, 1987
The former Bekins Moving & Storage building at 2101 E. Carson St., Long Beach, has reopened after the new owner completed an extensive rehabilitation and expansion program. American Mini Storage spent more than $5 million to purchase and upgrade the complex, which it bought from Bekins last year. The project now offers 115,000 square feet of self-storage space, and is guarded by a modern security and fire protection system.
June 28, 1987
Bekins Moving & Storage has hosted civic officials at a moving-in party to celebrate the opening of the 96-year-old firm's largest warehouse. Located at 2303 East 11th St. in the Central City Business Park, the building was constructed on a 10-year lease, valued at $5.5 million. The 96,000-square-foot facility was described by its builder and landlord as "the perfect warehouse." Ramon Bonin, president and owner of Los Angeles-based Dynamic Builders Inc.
May 9, 1987 |
Minstar, a publicly traded company headed by Minneapolis investor Irwin L. Jacobs, said Friday that it has sold its Bekins subsidiary to the Glendale-based moving company's president, Thomas E. Epley, for $66 million. Under the deal, Epley will remain president and hold a majority stake in the company. Minstar, which is to receive $51 million in cash and the balance in notes, will retain a 40% interest in Bekins, Epley said.
December 19, 1986 |
Corporate raider Irwin L. Jacobs' Minstar Inc. said Thursday that it agreed in principle to sell Bekins Co. of Glendale to its management. Terms of the transaction were not disclosed. Minstar said it will retain a stake in the 95-year-old moving and storage company after the leveraged buyout but did not disclose the size of its future holdings. In a leveraged buyout, a company is purchased with borrowed funds that are repaid with cash generated through company operations or the sale of assets.