Callodine Group’s Acquisition of Thorofare Capital

Skadden, Arps, Slate, Meagher & Flom advised Callodine Group on the deal, while Kirkland & Ellis advised Thorofare.

Callodine Group, an asset management firm focused on yield-oriented investment strategies, announced that it has entered into a definitive agreement to acquire a majority stake in Thorofare Capital (“Thorofare”).

In connection with the closing of the transaction, Thorofare will become the real estate arm of Callodine Group. 

Callodine Group is an asset management platform specializing in yield-oriented investment strategies. The firm has the ability to invest across the capital structure in multiple asset classes and pursues income-oriented investments that provide high cash yields with the potential for equity-like upside.

Thorofare Capital, Inc. is a national, vertically integrated commercial real estate investment manager. Headquartered in Los Angeles with additional offices in New York City, Miami and Dallas, Thorofare manages over $1 billion in AUM. The firm focuses on $10 million to $100 million financing transactions, targeting value-add and opportunistic acquisitions, recapitalizations, and distressed debt secured by transitional properties. 

Berkshire Global Advisors LP served as exclusive financial advisor to Thorofare. Aviditi Advisors served as strategic advisor to Callodine.

The Skadden team included M&A partner David Hepp (Picture); Tax partner Gavin White; Executive Compensation and Benefits partner Shalom Huber; Labor and Employment Law partner Karen Corman (Los Angeles); and Intellectual Property and Technology partner Bruce Goldner. All attorneys are located in New York unless otherwise noted.

The Kirkland team was led by transactional partner Michael Reeves and associate Tarah Perkins and tax partner Mike Greenberg; and included tax associate Andrew Chan; transactional associate Haim Yeger; employee benefits partners Jack Stratton, Frances Tompson and Maureen O’Brien and associates Julia Lee and Mackenzie Packard; labor partners Risa Salins and Mari Stonebraker and associate Colleen Angus-Yamada; investment funds regulatory partner Nicholas Hemmingsen; and real estate partner Joshua Faulkner and associate Alec Minea.

Involved fees earner: Colleen Angus-Yamada – Kirkland & Ellis; Andrew Chan – Kirkland & Ellis; Joshua Faulkner – Kirkland & Ellis; Michael Greenberg – Kirkland & Ellis; Nicholas Hemmingsen – Kirkland & Ellis; Julia Lee – Kirkland & Ellis; Tarah Lorraine Perkins – Kirkland & Ellis; Alec Minea – Kirkland & Ellis; Maureen O’Brien – Kirkland & Ellis; Mackenzie Packard – Kirkland & Ellis; Michael Reeves – Kirkland & Ellis; Risa Salins – Kirkland & Ellis; Jack Stratton – Kirkland & Ellis; Frances Tompson – Kirkland & Ellis; Haim Yeger – Kirkland & Ellis; Karen Corman – Skadden; Bruce Goldner – Skadden; David Hepp – Skadden; Shalom Huber – Skadden; Mari Stonebraker – Skadden; Gavin White – Skadden;

Law Firms: Kirkland & Ellis; Skadden;

Clients: Callodine Group; Thorofare Capital;