About Sutherland

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Deal Overview

Buyer:
ZAIS Financial Corp.
Target:
GMFS, LLC
Deal Type:
Specialty Finance Company
Agreement Date:
8/5/2014
Announcement Date:
8/6/2014
Announced Deal Value ($ M):
83.00
Status:
Completed
Completion Date:
10/31/2014

Consideration Breakout
Cash ($M) 62.8
Contingent Payments ($M) 22.0

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 235.1 189.4
Price / Earnings (x) 5.5 6.7
Price / Revenue (x) 1.63 1.92
Price / Net Receivables (%) NA NA
Price / Managed Receivables (%) 3.77 NA
Deal Terms
Description of Consideration

ZAIS Financial Corp. paid approximately $62.8 million in cash and $2 million of deferred premium payments payable in cash over two years contingent on GMFS remaining profitable and retaining certain key employees, plus potential additional consideration based on future loan production and profits and is capped at $20 million to acquire GMFS LLC. Up to 50% of the additional contingent consideration may be paid in common stock of the ZAIS, at the ZAIS's option.

Percent Acquired (%) 100.00
Purchase Method Acquisition
Merger of Equals? NA
Estimated Cost Savings (%) NA
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) NA
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Houlihan Lokey Capital Inc.
Seller Yes Sandler O'Neill & Partners LP
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Alston & Bird LLP
Seller Yes Kantrow Spaht Weaver

Price Data

NYSESLD
$15.10
Change
$(0.10) (0.66)%
Volume
13,801
Market Cap ($M)
486.35

Contact

To contact Sutherland Asset Management Corporation please use the information below: 


Waterfall Asset Management, LLC 
1140 Avenue of the Americas, 7th Floor
New York, NY 10036