TSL Express Daily News
The Secured Lender
SFNet's The 81st Annual Convention Issue
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March 18, 2024
Source: SSG Capital Advisors, LLC
SSG Capital Advisors, LLC (“SSG”) served as the investment banker to one of the funds of St. Cloud Capital LLC (“St. Cloud”), the senior secured lender of Renters Warehouse (the “Company”), a United States-based single-family home rental services platform. SSG provided debt advisory services to St. Cloud that facilitated the sale of the assets of RW OpCo, LLC, t/a Renters Warehouse to GA Technologies Co. Ltd. through its subsidiary GA Technologies USA Inc. The transaction was effectuated pursuant to Article 9 of the Uniform Commercial Code and closed in March 2024.
Founded in 2007, Renters Warehouse is a leading real estate marketplace business and rental management platform for retail and institutional investors. With the second-largest single-family rental online marketplace in the United States, Renters Warehouse leverages technology to provide an integrated service to all stakeholders involved in real estate transactions, including investors, residents, and management companies. The Company was brought public in 2022 via a de-SPAC deal after years of growth. The transaction did not provide adequate liquidity to support the growth trajectory and the Company and St. Cloud sought strategic alternatives to support operations and preserve the value of the platform.
SSG was retained to advise St. Cloud on its secured position and solicit offers for the sale of the assets of RW OpCo, which included equity interests in multiple operating subsidiaries. A bid received by the Company from GA Technologies USA Inc. was the highest and best offer for substantially all the Company’s assets. SSG’s extensive experience with Article 9 transactions and advising clients through complex transactions provided support to St. Cloud throughout the process and created the maximization of value in an expedited time frame.
St. Cloud is a Los Angeles, CA-based private investment firm that provides growth capital to the lower middle market throughout the United States.
GA Technologies is a Japan-based company engaged in the development and operation of real estate transaction platforms that is expanding globally.
Other professionals who worked on the transaction include:
- Aaron S. Rothman, Jeffrey T. Kucera, and Emily K. Steele of K&L Gates LLP, counsel to St. Cloud Capital LLC;
- Dean D. Willer, Christopher M. Hussey, Matthew C. Robinson, and Jeremy M. Walls of Winthrop & Weinstine P.A., counsel to RW OpCo, LLC; and
- Ken Lebrun, Paul Lee, and Maarten van der Plas of Davis Polk & Wardwell LLP, counsel to GA Technologies USA Inc.
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