RMR to acquire CARROLL multifamily platform for $80M cash plus $20M earnout

RMR GROUP INC.

Purchase price $80M cash plus up to $20M contingent earnout based on future capital deployment.
Adds ~$7B AUM and >28,000 multifamily units in Sunbelt; total AUM grows to ~$44B, private capital AUM to ~$15B.
Expected to be immediately accretive to Adjusted EBITDA, Adjusted EPS, and Distributable EPS.
Transaction funded from available cash; post-close RMR expects ~$200M cash on hand and no debt.
Closing expected fall 2023, subject to LP, JV partner, and lender consents.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

RMR GROUP INC. entered into Purchase Agreement with MPC Partnership Holdings LLC, the sellers set forth on the signature pages thereto, and the seller owners set forth on the signature pages thereto valued at $80 million in cash, subject to customary adjustments for cash, debt, transaction expenses, working (effective 2023-07-29).

Action: entry
Agreement: equity purchase
Counterparty: MPC Partnership Holdings LLC, the sellers set forth on the signature pages thereto, and the seller owners set forth on the signature pages thereto
Value: $80 million in cash, subject to customary adjustments for cash, debt, transaction expenses, working
Effective: 2023-07-29

Exact text from the filing

On July 29, 2023, The RMR Group LLC (“RMR LLC”), a Maryland limited liability company and a majority-owned operating subsidiary of The RMR Group Inc. (the “Company”), entered into an equity purchase agreement (the “Purchase Agreement”), with MPC Partnership Holdings LLC, a Georgia limited liability company (“MPC”), the sellers set forth on the signature pages thereto (collectively, the “Sellers”), the seller owners set forth on the signature pages thereto (collectively, the “Seller Owners”), and, solely in his capacity as the Seller Representative, James A. Rubright.

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RMR GROUP INC. filing history →

Source: SEC EDGAR

accession 0001104659-23-085604

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