Special Situations/Distressed • Real Estate

Cerberus Capital Management Acquires Innkeepers USA

On October 19, 2011, asset manager Cerberus Capital Management acquired real estate company Innkeepers USA for 1.0B USD

Acquisition Context

This is Cerberus Capital Management’s 3rd transaction in the Real Estate sector.
This is Cerberus Capital Management’s 6th largest (disclosed) transaction.
This is Cerberus Capital Management’s 27th transaction in the United States.
This is Cerberus Capital Management’s 2nd transaction in Florida.

Investment Fate

Innkeepers USA was sold to a strategic buyer in 2014.

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M&A Deal Summary
Date	October 19, 2011
Target	Innkeepers USA
Sector	Real Estate
Buyer(s)	Cerberus Capital Management
Deal Type	Special Situations/Distressed
Deal Value	1.0B USD

Target Company

Innkeepers USA

Palm Beach, Florida, United States

Innkeepers USA is an owner of upscale and extended-stay hotel properties throughout the U.S. Innkeepers USA owns seventy-six hotels with 10,259 rooms in the United States.

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Buyer Overview 1

Buyer

Cerberus Capital Management

New York, New York, United States

Investor Investor

Category	Asset Manager
Founded	1992
PE ASSETS	55.0B USD
Size	Mega
Type	Sector Agnostic

DESCRIPTION

Cerberus Capital Management is a private investment firm that targets a wide range of global investments. Cerberus primarily looks for undervalued or distressed situations. Industry sectors of interest include aerospace and defense, apparel, automotive and industrial, building products, commercial services, consumer and retail, financial services, healthcare, manufacturing and distribution, paper, packaging, and printing, real estate, technology, telecommunications, transportation, and travel. In addition to private equity investing, Cerberus also provides corporate credit and acquires real estate. Cerberus was formed in 1992 by Steve Feinberg and is based in New York City.

Deal Context for Buyer	#
Overall	38 of 93
Sector: Real Estate	3 of 5
Type: Special Situations/Distressed	7 of 13
State: Florida	2 of 7
Country: United States	27 of 68
Year: 2011	5 of 6
Size (of disclosed)	6 of 15

PREVIOUS DEAL

DATE	TARGET	DEAL TYPE	VALUE
2011-09-07	NewPage Miamisburg, Ohio, United States NewPage manufactures, markets and distributes coated printing papers for magazines, catalogs, textbooks and advertising materials.	Sell	-

DATE

TARGET

DEAL TYPE

VALUE

2011-09-07

NewPage

Miamisburg, Ohio, United States

NewPage manufactures, markets and distributes coated printing papers for magazines, catalogs, textbooks and advertising materials.

Sell

FOLLOWING DEAL

DATE	TARGET	DEAL TYPE	VALUE
2011-12-01	TransCentra Norcross, Georgia, United States TransCentra is an established provider of integrated outsourced billing, remittance processing, and imaging software, and consulting services. TransCentra serves approximately 300 clients, primarily in the financial service, insurance, utilities, healthcare, and telecom industries.	Buy	-

DATE

TARGET

DEAL TYPE

VALUE

2011-12-01

TransCentra

Norcross, Georgia, United States

TransCentra is an established provider of integrated outsourced billing, remittance processing, and imaging software, and consulting services. TransCentra serves approximately 300 clients, primarily in the financial service, insurance, utilities, healthcare, and telecom industries.

Buy

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