ORIX USA has bought Lancaster Pollard, the companies announced in September.
As a result, Lancaster Pollard will be a separate subsidiary of ORIX, alongside RED Capital Group and Boston Financial Investment Management. ORIX bought an 88% stake in RED in May 2010 and purchased the remaining 12% last year. It bought Boston Financial in July 2016.
All will operate as separate companies, with Senior Managing Director and Head of ORIX Commercial Mortgage Servicing Andrew Garvey overseeing the businesses.
“The acquisition of Lancaster Pollard is a natural extension of ORIX’s successful strategy of acquiring leaders in affordable, seniors and healthcare housing finance, as evidenced by our previous acquisitions of RED Capital Group and Boston Financial Investment Management,” said Hideto Nishitani, ORIX USA’s chairman, president and CEO.
He added, “Having these three companies under the ORIX umbrella extends our ability to improve the quality of life in our communities through investments in seniors housing and healthcare.”
Lancaster Pollard CEO Nick Gesus noted a “great deal of synergy between Lancaster Pollard, RED and Boston Financial,” as all three companies focus “on our most in-need populations.”
While terms of the deal were not disclosed, Lancaster Pollard reported $30.8 million in total assets at the end of 2016, according to statement of financial condition filed with the SEC.
Advisers for ORIX USA included Beekman Advisors Inc., Houlihan Lokey Inc. and Weil, Gotshal & Manges LLP.