Stone Point to buy Rialto Investment and Asset Management for $340 mln
Lennar Corp said Oct. 29 that it agreed to sell its Rialto Investment and Asset Management to Stone Point Capital for $340 million. Rialto is a real estate investment and asset management company targeting distressed and undermanaged assets. Lennar is keeping its Rialto mortgage finance business as well as fund investments (valued at $294 million as of August 31, 2018,) along with its carried interests in various Rialto funds, and investments in other legacy Rialto balance sheet assets. Deutsche Bank Securities Inc and Wells Fargo Securities LLC provided financial advice to Lennar while Goodwin Procter LLP acted as Lennar's legal counsel. Kramer Levin Naftalis and Frankel LLP acted as Stone Point's legal counsel.
30 October 2018•3 mins read
