Bridge Investment Group Closes Gorelick Brothers Capital Transaction
SALT LAKE CITY--(BUSINESS WIRE)-- Bridge Investment Group Holdings Inc. (“Bridge”) (NYSE: BRDG) announced today that the previously disclosed transaction to acquire certain assets of Charlotte, North Carolina based Gorelick Brothers Capital, LLC (“GBC”), including a portfolio of single-family rental (“SFR”) homes owned by GBC-managed vehicles and a majority of GBC’s asset and property management business, has closed.
In connection with the transactions, Bridge acquired 60% of GBC’s business, valued at $50 million. Bridge has funded the acquisition with approximately 50% cash and 50% units of Bridge Investment Group Holdings LLC. The GBC team has joined Bridge to launch an SFR strategy on the Bridge platform, under a newly formed SFR investment manager that is managed by Bridge and the key principals of GBC. Additionally, Bridge and GBC principals have completed a $660 million recapitalization through Bridge-sponsored investment fund vehicles of the SFR portfolio comprising more than 2,700 homes in 14 markets, concentrated in the Sunbelt and certain Midwest markets of the United States.