The Bromley Companies
November 10, 2010
In addition to its property investments, Bromley has made targeted investments in operating companies that complement its real estate holdings. A number of these investments include:
Institutional Food Services
Bromley has made strategic investments in institutional food service companies as an outgrowth of its residential property investments. Today Bromley owns and operates Tice Food Service, which provides food service for its college housing investments, and Classic Events Catering, a special events catering company.
Bromley and its principals have made strategic investments in several financial services institutions in areas where it had significant real estate holdings. Bromley purchased a controlling interest in the American Bank of Illinois from the Resolution Trust Corporation (RTC) and under its direction guided the bank to sustained profitability and deposit growth before selling to a strategic acquirer.
In 2003, Bromley served as a founding investor in The Palm Bank in Tampa, Florida. In less than 5 years, Palm has organically grown assets to over $200 million, making it one of the fastest growing financial institutions in the Tampa metro area.
In the mid 1990s, Bromley identified an opportunity to consolidate the $3 billion pallet industry by creating a regional supplier of pallets in the Southeast and Midwest. Growing from a base of two locations in Florida, Bromley Pallet became the 2nd largest pallet company in the US with over 30 locations and $45 million in sales. Bromley completed the successful sale of the company in 2000 to IFCO Systems. As part of its growth, Bromley acquired a significant amount of industrial real estate used in the operations of the pallet yards which it continues to own and lease.