Hi {{First name | there}},
Please see below for highlights on the deal:
Petershill acquired the minority stake in January 2020
Petershill’s exit is part of KARE’s sale to Bridgepoint for ~$1.393 billion
Kayne Anderson Real Estate is a Florida-based real estate investment manager with ~$22 billion in AUM
Consideration comprises $759 million of cash and ~189 million newly issued Bridgepoint shares (and up to an additional 102.5 million earnout shares in 2030)
Bridgepoint is acquiring 100% of KARE's FRE, 15% of carried interest in certain historic funds and up to 35% in future funds
KARE is acquired at a high single-digit multiple of expected 2027 EBITDA, reducing to a mid-single-digit multiple in 2028 as earnings grow
Deal fills Real Estate gap for Bridgepoint, establishing a full real assets platform now in combination with ECP (Energy Capital Partners)
Advisors: Bridgepoint (Moelis & Company, Goldman Sachs, Simpson Thacher & Bartlett LLP, BNP Paribas, J.P. Morgan, Morgan Stanley), Kayne Anderson Real Estate (Evercore, Kirkland & Ellis)
You can also see our LinkedIn post here with more details.
