RML Realty Partners (d/b/a The Prudential California Realty) has been merged with Jon Douglas Company and the new company has been recapitalized

November 1995 – Kerlin represented the owners of RML who controlled the largest residential brokerage firm in California and the largest Prudential California Realty franchise. Formed in a 1990 management buyout, RML was substantially over leveraged and had lost money in four of five prior years. Kerlin negotiated the relative equity positions of RML, Jon Douglas and the institutional equity investor, Levine Leichtman Capital Partners, in “Newco,” renegotiated the franchise arrangement with Prudential and assisted Newco in the restructuring of RML’s indebtedness to Prudential. The resulting $70 million transaction was based on pro forma projections that assumed sizable economic savings from the combination. Post closing, the Company substantially outperformed these projections.


<< back | transactions menu | next>>