M&A Deal Summary

Sun Communities Acquires Carefree Communities

On March 22, 2016, Sun Communities acquired real estate company Carefree Communities from Centerbridge Partners for 1.7B USD

Acquisition Highlights
  • This is Sun Communities’ 1st transaction in the Real Estate sector.
  • This is Sun Communities’ 2nd largest (disclosed) transaction.
  • This is Sun Communities’ 1st transaction in the United States.
  • This is Sun Communities’ 1st transaction in Arizona.

M&A Deal Summary
Date 2016-03-22
Target Carefree Communities
Sector Real Estate
Buyer(s) Sun Communities
Sellers(s) Centerbridge Partners
Deal Type Add-on Acquisition
Deal Value 1.7B USD
Advisor(s) Goldman Sachs (Financial)
Simpson Thacher & Bartlett (Legal)

Target

Carefree Communities

Scottsdale, Arizona, United States
website
Carefree Communities, Inc. is an operator of destination RV parks and manufactured home communities.

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Buyer(S) 1

Buyer

Sun Communities

Southfield, Michigan, United States

website

Category Company
Sector Real Estate
Employees4,044
Revenue 1.4B USD (2020)
DESCRIPTION

Sun Communities owns, operates and develops MH and RV communities concentrated in the midwestern, southern and southeastern United States.

DEAL STATS #
Overall 1 of 3
Sector (Real Estate) 1 of 1
Type (Add-on Acquisition) 1 of 3
State (Arizona) 1 of 1
Country (United States) 1 of 2
Year (2016) 1 of 1
Size (of disclosed) 2 of 3
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-09-29 Safe Harbor Marinas

Dallas, Texas, United States

Safe Harbor Marinas LLC is an owner and operator of marinas. Safe Harbor Marinas owns and operates 101 marinas, manages five marinas on behalf of third parties, and has an approximate 40,000-member network of boat owners across 22 states.

Buy $2.1B

Seller(S) 1

SELLER

Centerbridge Partners

New York, New York, United States

Investor Investor Investor Investor Investor

website

Category Asset Manager
Founded 2005
PE ASSETS 16.9B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Centerbridge Partners is a mega-sized private equity firm focused primarily on distressed/special situations in North America and Europe. In addition to making control investments, Centerbridge also maintains funds for non-control credit investments. Centerbridge was formed in 2005 and is based in New York City.

DEAL STATS #
Overall 8 of 24
Sector (Real Estate) 1 of 1
Type (Add-on Acquisition) 4 of 9
State (Arizona) 1 of 2
Country (United States) 8 of 22
Year (2016) 1 of 2
Size (of disclosed) 1 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-11-24 Superior Vision Services

Rancho Cordova, California, United States

Superior Vision Services, Inc. is a provider of vision and eye health solutions to the full spectrum of the vision care marketplace, including groups, health plans and government-sponsored programs. Company care for clients and members by delivering broad and affordable access to vision care, outstanding service and resources to help them make informed vision care choices that offer the greatest value.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-05-03 Southwest Stage Funding

Gilbert, Arizona, United States

Southwest Stage Funding LLC (dba Cascade Financial Services) is a provider of financial services for manufactured and modular homes with high customer satisfaction ratings and an A+ rating with the Better Business Bureau.

Buy -
Mergr

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Legal