RMR Group (RMR) Announces Acquisition of Tremont Realty Capital
- Noble Energy (NBL) to Acquire Clayton Williams Energy (CWEI) for $2.7B in Cash and Stock
- Nasdaq hits record; bank earnings validate Wall St. rally
- UnitedHealth Group (UNH) Tops Q4 EPS by 4c; Affirms Outlook
- Intrawest Resorts (SNOW) Exploring a Possible Sale - Reuters
- Alibaba (BABA) Has No Plans to Acquire Rest of Groupon (GRPN) - Source
Find out which companies are about to raise their dividend well before the news hits the Street with StreetInsider.com's Dividend Insider Elite. Sign-up for a FREE trial here.
The RMR Group Inc. (Nasdaq: RMR) announced the acquisition of the business of Tremont Realty Capital LLC, or Tremont, a firm that specializes in commercial real estate finance. Tremont principally raises debt and equity capital for owners of commercial real estate and serves as a manager of funds invested in commercial real estate loans. Since its founding in 2000, Tremont has completed over $4.6 billion worth of commercial real estate transactions and currently has over $200 million of real estate loans under management. Tremont is headquartered in Boston, MA and has offices in: New York, NY; Chicago, IL; Newport Beach, CA; Hartford, CT; and Annapolis, MD.
RMR’s majority owned subsidiary, The RMR Group LLC, acquired the assets of Tremont for an upfront purchase price of $2.2 million, excluding transaction costs. Tremont also has the right to receive an “earn out” over the next two years based on a portion of payments that RMR receives from Tremont’s historical business.
“We are excited to announce the acquisition of Tremont, RMR’s first acquisition since becoming a public company in December 2015,” said Adam Portnoy, President and Chief Executive Officer of RMR. “We believe that the commercial real estate finance business is a logical extension of our existing operations and may provide RMR with a platform for additional growth. We also think this acquisition may enable RMR to participate in what we believe is a growing need for lending to middle market commercial real estate borrowers at a time when banks and certain other traditional commercial real estate lenders have pulled back from this market as a result of increased regulation of their businesses. We welcome the Tremont team to RMR, and look forward to supporting their growth and expanding their operations as part of our company.”
“We are pleased that RMR recognizes the value of our platform, and we are excited about the opportunities that this transaction will provide for our business and our employees,” said Richard Gallitto and Daniel Mee, co-founders of Tremont who are joining RMR as Senior Vice Presidents. “With the support of RMR’s resources and scale, we believe that we may be positioned to expand our business and take advantage of favorable trends in the middle market commercial real estate lending marketplace. We thank our employees for their hard work and dedication to our business over the years, and look forward to our next chapter as part of RMR.”
The CenterCap Group, LLC served as advisor to Tremont in this transaction.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- BAT Reaches Deal to Acquire Reynolds American (RAI) for $49 Billion
- Kellogg (K) Appoints Fareed Khan as CFO
- Urjanet Bolsters JadeTrack's Sustainability Software Platform with Automated Utility Bill Data
Create E-mail Alert Related CategoriesCorporate News, Management Comments, Mergers and Acquisitions
Related EntitiesDefinitive Agreement
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!