Founded in 2009, HG Vora Capital Management is an SEC-registered investment advisor based in New York City that manages capital for a diverse range of institutional investors. HG Vora specializes in investing across performing credit, stressed and distressed special situations, as well as value-oriented equities that may benefit from potential catalysts. The fund's investment team conducts rigorous fundamental analysis and leverages its deep industry expertise to analyze complex situations, identify mispriced investment opportunities, and work collaboratively with management teams and other stakeholders to help realize value. HG Vora also partners with companies to provide creative, flexible capital solutions.
Parag VoraPortfolio Manager & Founding Partner
Parag Vora leads the firm's investment and strategic decisions as a member of the Investment Committee. Before founding HG Vora, he worked at Silver Point Capital, focusing on distressed and event-driven investments. Earlier, he was a Vice President at Goldman Sachs, advising real estate and consumer companies on M&A and leveraged finance. Parag holds a B.A. from the University of Michigan and a J.D. and MBA from NYU.
Letters & Presentations
Active 13D Positions
Stock | Company name | Sector | % of Portfolio | Link |
PENN | PENN Entertainment Inc | Consumer Discretionary | 20.0% |
Past Activist
Town Sports International Holdings Inc (CLUB)
In 2015, PW Partners and HG Vora actively engaged with the company. On January 7, they formed a group and nominated six board candidates. By March 24, the HG Vora Parties (15.9%) and PW Parties (10.3%) reached an agreement with the company, resulting in the appointment of three shareholder group nominees to the board.
Tribune Publishing Co (TPCO)
On August 26, 2016, HG Vora Capital Management disclosed a 9.9% stake and stated its intent to engage with management and the board regarding strategic alternatives, including a potential sale of the company.
Lasalle Hotel Properties (LHO)
In 2018, HG Vora Capital Management and Pebblebrook Hotel Trust opposed LaSalle Hotel Properties' merger with Blackstone Group. HG Vora (7.1%) supported strategic alternatives, increasing its stake to 9.1% by May 14. Despite LaSalle’s May 21 agreement with Blackstone for $33.50 per share, Pebblebrook proposed $37.80 per share on June 22, launching a proxy campaign against Blackstone. HG Vora (8.2%) backed Pebblebrook’s revised August 21 proposal, calling it superior. On September 5, LaSalle accepted Pebblebrook’s offer of 0.92 Pebblebrook shares per LaSalle share, with a cash option for 30% at $37.80. Shareholders approved the merger at a November 27 special meeting.
Tivity Health Inc (TVTY)
On February 25, 2020, the company entered into a cooperation agreement with HG Vora Capital Management, resulting in the addition of two new independent directors to the board at HG Vora's recommendation.
ODP Corp (ODP)
On January 25, 2021, the company entered into a Cooperation Agreement with HG Vora Capital Management (9.5%), increasing the board size to ten directors and appointing Marcus B. Dunlop, HG Vora's designee, to fill the vacancy effective January 26, 2021, with a term expiring at the 2021 annual meeting.
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