Close Close
Sign In
Newsletters
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards
Podcast Center Video Center Webcasts Resource Center Events
About ThinkAdvisor Contact Us Advertise With Us Asset & Logo Licensing Sitemap Terms of Service Privacy Policy Copyright © 2024 ALM Global, LLC. All Rights Reserved.
ThinkAdvisor

Life Health > Life Insurance

ClarkBardes Agrees To Acquire Long, Miller

By Staff Writer

X
Your article was successfully shared with the contacts you provided.

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.

The new debt would be secured by the stream of commission payments and other payments expected from Long, Miller’s in-force policies.

Clark/Bardes hopes to complete the deal by October, but it emphasizes that there are no guarantees.

“The completion of the purchase is subject to customary conditions, including Clark/Bardes Consulting’s ability to raise the funds necessary to complete the acquisition, and there are no assurances it will be completed on a timely basis or at all,” Clark/Bardes says.

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.