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October 20, 2020 Comments Off on Pretium, Ares Take Front Yard SFR Platform Private for $2.4B Views: 791 National News, Top National

Pretium, Ares Take Front Yard SFR Platform Private for $2.4B

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A partnership of Pretium and a group of its investors and funds managed by Ares Management Corporation will acquire single-family rental provider Front Yard Residential Corporation. The all-cash privatization values Front Yard at $2.4 billion and will make Pretium the nation’s second-largest SFR owner and operator.

New York City-based Pretium led the transaction and will manage the venture following closing.

“This transaction further establishes Pretium as both a pioneer and a leader in the SFR space since 2012, having completed the industry’s largest strategic recapitalization in 2019 and now leading the industry’s first public-to-private transaction,” said Pretium CEO Don Mullen.

RBC Capital Markets is serving as Pretium’s financial advisor.. BofA Securities is advising Ares. 

Sidley Austin is serving as M&A legal counsel, Fried Frank as partnership legal counsel, and Hunton Andrews Kurth as special tax and financing counsel to Pretium. Latham & Watkins is serving as legal counsel to Ares.

Photo courtesy of Front Yard Residential.

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