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Sun to Acquire Carefree Communities

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Sun-Carefree

Sun Communities entered into an agreement to acquire Carefree Communities from Centerbridge Capital Partners and its related entities in a transaction for cash and shares as consideration, the companies announced Wednesday (March 23).

Following the deal, Carefree’s manufactured home and RV communities will be operated by Sun Communities’ management team under the Sun Communities brand. Carefree’s team will remain in place during the interim period to oversee the transaction and ensure a smooth transition for the residents.

“We are very excited about the opportunity to join together to become the premier company in the MH and RV industry,” Carefree Vice Chairman and Co-Founder Colleen Edwards said. “We anticipate a smooth transition because Sun Communities and Carefree are equally committed to operational excellence and share in the same mission, vision and values of taking care of our associates so they can deliver an exceptional lifestyle to our residents.”

The transaction is expected to close no later than July 9 and is subject to customary closing conditions and adjustments.

“We are proud of the company we have built over the last decade,” Carefree CEO and Co-Founder David A. Napp. “Through our partnership with Centerbridge, we have not only grown to a best-in-class company but have also provided our guests a memorable experience through communities that offer vibrant resort style living, friendly and helpful associates, well maintained facilities, and efficient operations.”

Goldman, Sachs & Co. acted as financial advisor to Carefree Communities and Simpson Thacher & Bartlett LLP acted as legal advisor. Citigroup acted as financial advisor to Sun Communities and Jaffe, Raitt, Heuer & Weiss, Professional Corporation acted as legal advisor.

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