Goldman Sachs to buy LCN Capital Partners in up to $410 million deal

• Goldman will pay $260 million upfront plus up to $150 million in performance-based earnouts, with roughly 80% of total consideration in stock
• LCN Capital Partners, founded in 2011, specializes in sale-leaseback and net-lease transactions in commercial real estate
• CEO David Solomon stated the acquisition provides clients with 'diversified sources of returns' and offers corporate clients 'innovative capital solutions'

Goldman Sachs to Acquire LCN Capital Partners for Up to $410 Million

Deal Structure:

Goldman Sachs announced the acquisition of LCN Capital Partners, a commercial real estate investor, for a total consideration of up to $410 million. The transaction includes $260 million upfront, with an additional potential earn-out of up to $150 million tied to future performance targets and service commitments. Approximately 80% of the payment will be in Goldman stock.

Companies and Sectors:

LCN Capital Partners, founded in 2011 by Edward V. LaPuma and Bryan York Colwell, specializes in sale-leaseback and net-lease transactions within the commercial real estate sector. The acquisition expands Goldman's capabilities in alternative real estate investment strategies.

Strategic Rationale:

Goldman CEO David M. Solomon stated that LCN's platform will provide asset and wealth management clients with diversified return sources while offering corporate clients innovative capital solutions. This suggests Goldman is strengthening its real estate investment offerings amid ongoing diversification efforts in alternative assets.

Timeline and Advisors:

The transaction is expected to close by the end of 2026. Goldman Sachs' global banking and markets division served as its own financial advisor, while RBC Capital Markets advised LCN.

Market Implications:

This acquisition signals Goldman's continued expansion into specialized commercial real estate segments, particularly sale-leaseback arrangements, which provide stable cash flows. The deal structure—heavily weighted toward stock compensation—aligns seller interests with Goldman's long-term performance while preserving cash. The acquisition strengthens Goldman's position in serving both institutional and corporate clients seeking alternative real estate exposure.