Newport Beach real estate data and analytics firm Green Street Advisors LLC is being sold to a New York private equity firm on undisclosed terms.
Welsh, Carson, Anderson & Stowe will buy out Golden Gate Capital, which has been Green Street’s majority owner since 2014. Green Street’s executive team will continue to own a stake in the business.
The deal should close in the next few months.
Green Street Chief Executive Craig Leu-pold told the Business Journal that the acquisition will support expansion into new markets and product segments.
“We expect to continue to grow the firm and invest in our team,” Leupold said.
Green Street, which specializes in real estate analytics and REIT research, is preparing to expand its research product lines in the U.K. It also plans on entering the Asia market soon.
It expects to keep and expand its base of 160 employees, many of which are employee-owners, and its four offices in Orange County, Dallas, Chicago and London.
“Our senior management is staying on and is committed to rolling a significant portion of current investment into the new transaction,” Leupold said.
Leupold joined the company 26 years ago when it was a four-employee operation. He said the firm chose WCAS as its buyer because General Partner Chris Hooper had been part of the team at Golden Gate when it acquired Green Street in 2014.
“We had been talking to a number of parties, but pairing with WCAS was perfect because of our knowledge of each other,” Leupold said. “I know they see the same opportunities we see in Green Street.”
WCAS primarily invests in technology and healthcare firms, and says it has raised and managed funds totaling over $27 billion of committed capital.
The transaction is in the process of receiving regulatory approvals from the Financial Industry Regulatory Authority in the U.S. and the Financial Conduct Authority in the U.K.
