Jacobson Cos. begins renovation for Clive headquarters
Wednesday, November 20, 2013 4:28 PM
Jacobson Cos. is moving forward with a relocation of its corporate headquarters from Des Moines to Clive, city officials confirmed. The move keeps Jacobson, the fourth-largest provider of warehousing services in the country, based in Greater Des Moines.
The third-party logistics company, which received state and city incentives for the move, had also considered relocating its headquarters to Chicago, according to the Iowa Economic Development Authority, whose board in September approved a $250,000 forgivable loan for the project. The Clive City Council also approved a five-year, $60,000 zero-interest loan to Jacobson for the project, which is expected to create 10 jobs and retain 220 positions in Greater Des Moines.
Company officials could not be reached for comment.
The city of Clive last week approved a building permit for the company to renovate space on the first floor of the William Penn University building at 1275 N.W. 128thSt. The total value of the expansion project is estimated at $2.3 million.
Founded in 1968 by Richard Jacobson, the company currently has its headquarters at 3811 Dixon St. in Des Moines. Jacobson Cos. manages more than 32 million square feet of warehouse space, with more than 6,000 employees at 141 locations across the United States.
Earlier this year, Jacobson Cos. divested its international logistics business and completed a major refinancing of its credit facilities in what it announced as a strategic move to grow its domestic third-party logistics business. The company's new credit facilities consist of a $25 million revolving credit facility, a $275 million first lien facility and a $110 million second lien facility.
Jacobson sold the international business in a management buyout led by the company's former president and CEO, Brian Lutt, whose resignation was announced in August.
The Des Moines-based company is now jointly led by Tony Tegnelia and Gordon Smith, Jacobson's chief operating officer and chief financial officer, respectively, who serve as co-presidents.
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