RMR Group (RMR) Monday said it has entered into a definitive agreement to buy MPC Partnership Holdings, LLC, doing business as CARROLL Multifamily Platform, for $80 million in cash.
The consideration for the acquisition of the Atlanta, Georgia -based vertically integrated multifamily platform is subject to customary purchase price adjustments.
The deal also includes the potential for incremental earnout consideration up to $20 million based on the deployment of future capital.
The deal is expected to be immediately accretive to adjusted EBITDA, adjusted earnings per share and distributable earnings per share.
The acquisition was unanimously approved by RMR's Board of Directors, and is expected to close in the fall of 2023, subject to customary conditions.
CARROLL, with approximately 700 employees, provides asset and property management services to 81 multifamily properties with more than 28,000 units.
With the acquisition, RMR expects to enter the only major commercial real estate sector in which it does not have a significant presence.
The transaction further advances RMR's strategic focus on growing its private capital business, adding around $7 billion in assets under management and over 20 institutional partner relationships.
The transaction is expected to be funded entirely with cash on hand.
In the first full year of operations post closing, RMR expects the CARROLL platform to generate more than $35 million in recurring fees and around $11 million to $13 million of Adjusted EBITDA, including $5 million to $6 million of synergies.
Post transaction, the company also expects to have no debt and around $200 million of cash on hand for further opportunistic growth strategies.
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