Redwood Capital Wins Erickson Auction
December 23, 2009
The auction for Erickson Retirement Communities started yesterday morning and we understand that it finally concluded sometime after midnight. Redwood Capital Investments, the stalking horse bidder, beat out KKR but the price went up and the assets included in the bid increased as well, as we understand the situation.
The total price may have reached $625 million with more than half of that in cash. We will have more details in the January issue of The SeniorCare Investor. Have a Merry Christmas and Happy New Year.