Third Avenue Reduces Position in Consolidated-Tomoka Land Co. (CTO); OZ Management Boosts Stake in Jason Industries Inc. (JASN)

Third Avenue Management, managed by Martin Whitman, has reduced its stake in Consolidated-Tomoka Land Co. (NYSEMKT:CTO), and increased its exposure to Jason Industries Inc. (NASDAQ: JASN), formerly known as Quinpario Acquisition Corp., according to new filings with the U.S. Securities and Exchange Commission.

Consolidated-Tomoka Land logo

Third Avenue Management has cut its stake in Consolidated-Tomoka Land Co. (NYSEMKT:CTO) to 258,368 shares from 533,496 shares the fund disclosed in its latest 13F filing. The new position is equivalent to 4.39% of common stock, and is passive by nature.

Florida-based Consolidated-Tomoka Land Co. (NYSEMKT:CTO) is a publicly traded real estate company engaged in owning a portfolio of income investments in diversified markets in the United States, as well as more than 10,500 acres of land in the Daytona Beach area. The company has a market cap of $266.9 million. Other significant shareholders of the company David Winters’ Wintergreen Advisers, which owns 1.54 million shares, and Clint Carlson’s Carlson Capital, which holds 143,400 shares of the company.

In May, Consolidated-Tomoka Land Co. (NYSEMKT:CTO) announced that it acquired an approximately $9.0 million B-Note secured by a retail shopping center located in Sarasota, Florida. The loan is pari-passu to an about $48.0 million A-Note secured by the same property, for a total debt balance of $57.0 million, according to press release.

In a separate filing with the SEC, OZ Management has disclosed an 8.34% passive stake in Jason Industries Inc. (NASDAQ: JASN). The stake contains 1.92 million shares of common stock. In a previous filing, the fund disclosed holding 1.27 million shares of Quinpario.

Jason Industries Inc. is now parent company to a global family of manufacturing businesses within the seating, finishing, components and automotive acoustics markets. At the end of last month, the companies reported the completion of their business combination transaction to acquire. As a result of the transaction, Quinpario has changed its name to Jason Industries Inc.

“This is an exciting opportunity to take an established company with market-leading businesses and leveraging its strong balance sheet to take its growth legacy to the next level,” Mr. Jeffry N. Quinn, chairman of the board of directors of the company, said in a statement. “I’m confident Jason’s strong presence in certain markets, combined with the experience of Quinpario’s team in growing global businesses and identifying new platform opportunities, will provide significant value for our stockholders.”

Disclosure: none

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