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December 20, 2018 at 01:05 PM
Guardian Life Insurance Company of America has agreed to increase its stake in a real estate investment management and advisory firm, Lowe Enterprise Investors (LEI).
Guardian has had a 49% stake in LEI since 2010. Lowe Enterprises, a Los Angeles-based real estate developer, controls a 45% stake.
(Related: Guardian to Support Agents With Brand Advertising)
Guardian is planning to increase its equity interest in LEI to 80% and separate LEI from Lowe Enterprises. Guardian hopes to close on the deal by the end of the month.
The price of the deal was not disclosed.
LEI would keep its current staff and offices, and LEI’s co-CEOs, Bradford W. Howe and Bleecker P. Seaman III, would continue to lead the firm. Senior managers’ share of LEI’s stock would increase to 20%, from 6% today.
The business would rebrand as Broadshore Capital Partners.
Howe said in an interview that the deal is a chance for his team to consolidate the advisory firm’s ownership with a very strong financial partner that believes in the business, and that has been an owner of the business for eight years.
“This is also a chance for us to continue to grow our team and provide the same level of high service for our clients,” Howe said.
