Simpson Thacher is representing an affiliate of Centerbridge Capital Partners II, L.P. in connection with the sale of Carefree Communities Inc. to Sun Communities, Inc. (NYSE: SUI) in a transaction valued at approximately $1.68 billion. Completion of the transaction is expected to occur in July 2016, and is contingent upon customary closing conditions.
Carefree Communities, Inc. is a leading owner and operator of senior manufactured housing communities and destination RV resorts. The Company owns 103 high-quality communities, comprising 27,544 sites, concentrated in California, Florida and Canada. Sun Communities, Inc. is a fully integrated real estate investment trust (REIT) listed on the New York Stock Exchange. It owns and operates manufactured housing and recreational vehicle communities throughout the United States.
The Simpson Thacher team includes Greg Ressa, Ravi Purushotham, Whitney Salinas, Frank Mangiatordi, Sarah Green and Kathryn Christoforatos (M&A/Real Estate); Edgar Lewandowski (Capital Markets); John Hart, Jason Vollbracht and Michael Badain (Tax); David Rubinsky, Patricia Adams and Caitlin Lucey (Executive Compensation and Employee Benefits); Michael Isby (Environmental); and Michelle Morad (Intellectual Property).