- Acquisition of Thorofare adds real estate expertise to the Callodine platform and expands the firm’s capabilities in yield-oriented investment strategies
- Strategic partnership with Callodine will strengthen the existing Thorofare platform and support its next phase of growth
BOSTON, MA and LOS ANGELES, CA – December 14, 2021 – Callodine Group (“Callodine”), an asset management firm focused on yield-oriented investment strategies, today announced that it has entered into a definitive agreement to acquire a majority stake in Thorofare Capital (“Thorofare”). Thorofare is a leading real estate investment firm, managing over $1 billion in assets under management (“AUM”), 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 the full team of 23 employees continuing with the firm. Thorofare’s management team, investment committee and investment process will all 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,” said Kevin Miller, founder and CEO of Thorofare Capital, “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,” said James Morrow, founder and CEO of Callodine Group. “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 anticipated to close by year end. In the coming months, Thorofare Capital will transition to the Callodine Thorofare brand name.
Berkshire Global Advisors LP served as exclusive financial advisor and Kirkland & Ellis LLP served as legal counsel to Thorofare.
Aviditi Advisors served as strategic advisor and Skadden, Arps, Slate, Meagher & Flom LLP served as legal counsel to Callodine.
About Callodine Group
Callodine Group is an asset management platform specializing in yield-oriented investment strategies. The firm has the ability to invest across the capital structure in multiple asset classes and pursues income-oriented investments that provide high cash yields with the potential for equity-like upside. Callodine’s asset management subsidiaries target investment strategies across public equities, private credit and real estate on behalf of its investor clients. For additional information about the firm, please visit Callodine’s website at www.callodine.com.
About Thorofare Capital
Thorofare Capital, Inc. is a national, vertically integrated commercial real estate investment manager. Headquartered in Los Angeles with additional offices in New York City, Miami and Dallas, Thorofare manages over $1 billion in AUM. The firm focuses on $10 million to $100 million financing transactions, targeting value-add and opportunistic acquisitions, recapitalizations, and distressed debt secured by transitional properties. The Company’s affiliate, Thorofare LLC, is an investment adviser specializing in alternative fixed-income opportunities through U.S. commercial real estate debt investments. Thorofare has originated over $3.3 billion in transactions since firm inception in 2010, across more than 12 property types throughout 32 states. For additional information about the firm, please visit Thorofare’s website at www.thorofarecapital.com.
Forward-looking statements and additional disclosure
The statements contained herein may include prospects, statements of future expectations and other forward-looking statements that are based on management’s current views and assumptions and involve known and unknown risks and uncertainties. Actual results, performance or events may differ materially from those expressed or implied in such forward-looking statements. Any forward-looking statements herein are made only as of the date of this press release, and the company assumes no obligation to update any information or forward-looking statement contained herein, except as required to be disclosed by law. AUM includes both regulatory assets under management and loan assets serviced in non-investment advisory accounts as of December 13, 2021.
Phone: (617) 880-7491