BETHESDA, MD—Walker & Dunlop Inc. has entered into a definitive agreement to acquire Alliant Capital Ltd. and its affiliates, Alliant Strategic Investments and ADC Communities, a privately held alternative investment manager focused on the affordable housing sector through low-income housing tax credit syndication, joint venture development, and community preservation fund management.
According to a prepared statement, Alliant is the 6th largest LIHTC syndicator in the United States, and since inception, has participated in the development of over 100,000 affordable units serving over 400,000 families.
Walker & Dunlop chairman and CEO Willy Walker says in a prepared statement that "Alliant is one of the largest and most respected tax credit syndicators and affordable housing developers in the country. The addition of their people, assets, and capital formation capabilities immediately makes Walker & Dunlop a market leader in affordable housing — lending, sales, and tax credit syndication."
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Walker continues that "With Fannie Mae, Freddie Mac and HUD all focused on affordable housing and more and more Americans seeking affordable rental housing, the combination of Alliant and Walker & Dunlop is a home run. Shawn Horwitz has built an incredible team and company, and we look forward to welcoming them to W&D."
Walker also pointed out that "Alliant will have an immediate impact on Walker & Dunlop's revenues, adjusted EBITDA, and cash flow," noting that the acquisition "dramatically accelerates the achievement of three Drive to '25 goals: revenue growth to $2 billion, assets under management to over $10 billion, and $60 billion of targeted affordable housing lending. To accomplish so much in one acquisition is a true game-changer for W&D."
Alliant founder and CEO Shawn Horwitz explains that "Combining with Walker & Dunlop's scaled lending and sales platform will accelerate Alliant's growth over the coming years. Walker & Dunlop's people, brand, and innovative technology will benefit our clients, partners, and investors, and allow us to provide more affordable housing, something that is desperately needed in America."
Under the terms of the purchase agreement, Walker & Dunlop will acquire Alliant at a total enterprise value of $696 million, comprised of: $351 million of cash and assumption of Alliant's securitized debt facility, which had an outstanding balance of $155 million at July 31, 2021, is rated A2 by Moody's and carries a 4.75% interest rate; $90 million of WD common stock, with the number of shares to be determined at closing; and $100 million of earn-out structured as participating interest in future cash flows over the next four years.
The transaction is expected to close during the fourth quarter of 2021. Beekman Advisors represented Alliant as financial advisor in the transaction.
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