Key Takeaways
- • Makarora Management LP affiliates and Ares Alternative Credit funds agreed to acquire all outstanding shares of Plymouth Industrial REIT (NYSE: PLYM) in an all-cash transaction valued at approximately US$2.1 billion, including assumed debt.
- • The deal covers all outstanding limited partnership interests of Plymouth Industrial OP, LP, in addition to the common stock.
- • Latham & Watkins LLP advised Ares on the transaction, with a corporate team led by partners Julian Kleindorfer, Owen Alexander and David Zaheer.
- • Advisory work also spanned tax, finance, antitrust, and executive compensation and benefits practices at the firm.
Summary
Plymouth Industrial REIT, Inc. (NYSE: PLYM) has entered into a definitive merger agreement under which entities affiliated with Makarora Management LP, together with Ares Alternative Credit funds, will acquire all outstanding shares of Plymouth's common stock and all outstanding limited partnership interests of Plymouth Industrial OP, LP. The all-cash transaction is valued at approximately US$2.1 billion, including the assumption of certain outstanding debt, according to a law firm announcement published by Latham & Watkins LLP.
The deal represents a strategic acquisition of a leading industrial REIT by a consortium that includes the global alternative investment manager Ares, which is participating through its Alternative Credit funds. Makarora Management LP is the lead sponsor entity named in the agreement.
Latham & Watkins LLP represented Ares in the transaction. The corporate team was led by Los Angeles/New York partner Julian Kleindorfer, Chicago partner Owen Alexander, and Los Angeles partner David Zaheer, supported by a group of associates. Additional advice came from Los Angeles partner Pardis Zomorodi and counsel Eric Song on tax matters, New York partner Betsy Jaffe on finance, New York partner Katherine Rocco, Washington, D.C. partner Peter Todaro and New York counsel Jamie Sadler on antitrust, and Boston partner Josh Friedman on executive compensation, employment and benefits.
The source material does not disclose the expected closing timeline or regulatory approvals required for completion.
The deal represents a strategic acquisition of a leading industrial REIT by a consortium that includes the global alternative investment manager Ares, which is participating through its Alternative Credit funds. Makarora Management LP is the lead sponsor entity named in the agreement.
Latham & Watkins LLP represented Ares in the transaction. The corporate team was led by Los Angeles/New York partner Julian Kleindorfer, Chicago partner Owen Alexander, and Los Angeles partner David Zaheer, supported by a group of associates. Additional advice came from Los Angeles partner Pardis Zomorodi and counsel Eric Song on tax matters, New York partner Betsy Jaffe on finance, New York partner Katherine Rocco, Washington, D.C. partner Peter Todaro and New York counsel Jamie Sadler on antitrust, and Boston partner Josh Friedman on executive compensation, employment and benefits.
The source material does not disclose the expected closing timeline or regulatory approvals required for completion.
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