Beverly Hills-based real estate investment company Kennedy Wilson has sold its research subsidiary to MidOcean Partners, Kennedy Wilson announced Dec. 12. Terms of the transaction were not disclosed.
The research subsidiary, Meyers Research provides real estate data on Zonda, a mobile platform. Kennedy Wilson has owned the business since 2012. Meyers has roughly 150 employees in 10 offices and annual revenue of $16 million.
Private equity firm MidOcean also announced its acquisition of business-to-business services company Hanley Wood on Dec. 12. Hanley Wood has been merged with Meyers Research.
“We are excited to bring together two of the premier players in the residential construction data industry,” said Barrett Gilmer, Managing Director of MidOcean, in a statement. “This transformational merger creates a significantly expanded offering for customers and provides for greater benefits and growth opportunities than either company could have achieved alone.”
The combined company will be led by Jeff Meyers, the founder and president of Meyers Research.
“The combination of these complementary offerings will enable us to accelerate new product development and deliver the most robust capabilities and services in the industry to our customers,” Meyers said in a statement.
Kennedy Wilson invested $15 million to become a minority investor in the new company. MidOcean is the company’s controlling shareholder.
“This sale is part of Kennedy Wilson’s broader strategy to focus on our core business, with an emphasis on increasing our cash flow through the completion and lease-up of our development projects as well as growing our investment management platform globally,” said Matt Windisch, executive vice president of Kennedy Wilson, in a statement. Windisch is a member of the board of directors for the new company.
Commercial real estate reporter Hannah Madans can be reached at email@example.com. Follow her on Twitter @HannahMadans