NU Online News Service, Sept. 26, 10:47 a.m. – Clark/Bardes Inc., North Barrington, Ill., says its consulting arm has agreed to acquire Long, Miller and Associates L.L.C., Greensboro, N.C., for $405 million.
Long, Miller sells business-owned life insurance services. Clark/Bardes is also a major BOLI distributor.
Robert Long Jr., co-founder of Long, Miller, would join the Clark/Bardes board, and the Long, Miller office in Greensboro would continue to service large financial institutions.
Clark/Bardes says it wants to pay for the acquisition by issuing $20 million in new common stock, using $80 million in credit from an existing credit facility, and taking out $305 million in new loans.