Callodine Group, an asset management firm focused on yield-oriented investment strategies, entered into a definitive agreement to acquire a majority stake in Thorofare Capital, a real estate investment firm managing more than $1 billion in assets under management with offices in Los Angeles, New York, Miami and Dallas.
In connection with the closing of the transaction, Thorofare will become the real estate arm of Callodine Group, with its full team of 23 employees continuing with the firm. Thorofare’s management team, investment committee and investment process will all also remain intact, with Callodine providing strategic guidance and capital resources to the business.
“When choosing a strategic partner, our focus was to identify a company that possesses a strong corporate culture, credit discipline and an investor-centric approach to position Thorofare for accelerated, long-term growth as we enter the next chapter of our business,” Kevin Miller, founder and CEO of Thorofare Capital, said. “We found all of those attributes and more in the Callodine team. The opportunity set we see before us at Thorofare is significant, and we are excited to enter the next phase of our firm’s growth with a partner like Callodine that will work alongside us to achieve our shared goals for the future.”
“We are incredibly fortunate to have the opportunity to partner with the Thorofare team and help them take what we believe is already a best-in-class real estate investment firm to the next level,” James Morrow, founder and CEO of Callodine Group, said. “The entrepreneurial spirit with which Kevin, Brendan Miller and the rest of the Thorofare team have built their business directly aligns with our core values here at Callodine. We look forward to working together in the pursuit of compelling investment opportunities and thoughtful growth for years to come.”
The transaction is expected to close by the end of the year. In the coming months, Thorofare Capital will transition to the Callodine Thorofare brand name.
Berkshire Global Advisors served as exclusive financial advisor and Kirkland & Ellis served as legal counsel to Thorofare Capital on this transaction. Aviditi Advisors served as strategic advisor and Skadden, Arps, Slate, Meagher & Flom served as legal counsel to Callodine.
