Walker & Dunlop, Inc. has entered into an agreement to acquire a controlling interest in Zelman & Associates, the leading housing research and investment banking firm in the United States.
Founded in 2007 by Ivy Zelman and Dennis McGill, Zelman has earned a reputation among institutional investors and business executives alike for its unbiased, in-depth research, insightful analysis and trusted advisory services. Zelman’s research is differentiated by its tenured housing experience, proprietary surveys anchored by an unparalleled network of executive-level leaders, and an acute ability to identify and synthesize developing investment and fundamental themes. The firm’s expertise spans macro, sector and company-specific trends across all areas of housing, including homebuilding, building products, demographics, multifamily, single-family rentals, mortgage finance and real estate technology and services. Zelman also operates an investment bank, led by Tony McGill, focused exclusively on the housing sector. The Zelman team has an extensive track record in the M&A, debt and equity transaction markets, including private debt and equity placements, IPOs and secondary equity offerings, public debt underwritings, project and platform-specific capital raises, corporate valuations and buy and sell-side M&A advisory services.
Walker & Dunlop Chairman and CEO Willy Walker stated, “We are extremely excited to be joining forces with Zelman, one of the most recognizable brands in the housing industry known for high-quality research and must-read opinions on the sector. The combination of our two companies from a research and data standpoint will provide our bankers and brokers with unrivaled insight into the housing sector and local markets in support of their clients and transactions, and firmly establish Walker & Dunlop as the preeminent resource for housing investors and business leaders. The single family and multifamily housing industries are converging within the single-family rental and build-for-rent asset classes, and Zelman’s unique research and Walker & Dunlop’s banking and brokerage operations will be a powerful combination as these asset classes are further institutionalized.”
Mr. Walker continued, “We are also incredibly excited to add Zelman’s investment banking platform to Walker & Dunlop. Investment banking is a key component of Walker & Dunlop’s Drive to ’25, and we plan to invest in the business to expand Zelman’s coverage, with a priority focus on the multifamily and single-family rental sectors. Zelman’s reputation as an industry leading independent investment bank, and extensive experience providing M&A advisory services and capital markets solutions for billions of dollars in transactions throughout the housing sector, will be a wonderful foundation upon which to build our broader business. The addition of Zelman’s research and investment banking professionals further cement Walker & Dunlop as a trusted and valuable partner to our clients.”
Zelman & Associates is based in New York, NY and Cleveland, OH and has 25 employees, all of whom will join Walker & Dunlop upon closing of the acquisition. Completion of the transaction is subject to customary consents and regulatory approvals and is expected to close during the third quarter 2021.