Blackstone Acquires a Majority Stake in Stearns Holdings, LLC, Parent of Stearns Lending
August 21 2015 - 5:26PM
Business Wire
Stearns Holdings, LLC, parent company of Stearns Lending,
LLC, a leading national mortgage lender with wholesale, retail,
correspondent, and strategic alliance business channels,
announced today that funds managed by the private equity
group of Blackstone (NYSE: BX), a leading global asset
manager, will acquire a majority stake in the company. This
partnership with Blackstone will provide Stearns with the necessary
resources to accelerate its growth and fuel its efforts to capture
even greater market share. Founder Glenn Stearns will retain a
significant ownership stake.
“I am extremely excited to partner with Blackstone,” explained
Glenn Stearns, Chairman and Founder of Stearns. “Aligning with a
strong financial partner will provide us with the resources to
continue executing our strategic plan as we aim to increase
profitable market share growth. I am very proud of what our
employees have accomplished over the past 26 years and I look
forward to the future with Blackstone as a partner.”
“We chose Stearns to be our partner because it is a leader in
the mortgage market with a world-class management team and a strong
platform,” said Chinh Chu, a Senior Managing Director at
Blackstone. “We look forward to partnering with Founder Glenn
Stearns, CEO Brian Hale and the entire team at Stearns to
accelerate the next phase of the company’s growth.”
“My leadership team and I look forward to the future with
support from Chinh and the other members of the Blackstone team as
we continue to build the preeminent residential mortgage lender in
the U.S.,” continued Brian Hale, Chief Executive Officer of
Stearns.
Founded in 1989 by Glenn Stearns, Stearns is currently ranked
the #1 Wholesale Lender nationwide* and the #1 Privately Owned
Purchase Money Mortgage Lender in the US for Q1 2015**.
J.P. Morgan Securities LLC is serving as exclusive financial
advisor to Stearns Holdings, LLC. BofA Merrill Lynch is serving as
exclusive financial advisor to Blackstone.
The transaction is expected to close by year-end 2015.
About Stearns Lending, LLC
Stearns Lending, LLC is a leading provider of mortgage lending
services in Wholesale, Retail, Correspondent and Strategic
Alliances sectors throughout the United States where licenses are
held. Currently ranked as #1 Wholesale Lender nationwide*, Stearns
Lending continues to expand as a company overall, making the Inc.
5000 list of Fastest Growing Private Companies in America in 2013
and 2014**, based on revenue growth of 273% over a three-year
period. In 2015, Inside Mortgage Finance also recognized Stearns as
#9 in the Top 10 Direct Lenders in Q1*.
Stearns Lending is an equal housing lender and is licensed to
conduct business in 49 states and the District of Columbia.
Additionally, Stearns Lending is an approved HUD (United States
Department of Housing and Urban Development) lender; a Single
Family Issuer for Ginnie Mae (Government National Mortgage
Association); an approved Seller/Servicer for Fannie Mae (Federal
National Mortgage Association); and an approved Seller/Servicer for
Freddie Mac (Federal Home Loan Mortgage Corporation). Stearns
Lending is also approved as a VA (United States Department of
Veterans Affairs) lender, a USDA (United States Department of
Agriculture) lender, and is an approved lending institution with
FHA (Federal Housing Administration). Stearns Lending, LLC is
located at 4 Hutton Centre Drive, 10th Floor, Santa Ana, CA 92707.
Company NMLS# 1854.
For more information, visit www.stearns.com.
References
*http://www.insidemortgagefinance.com/
- Top Broker Channels. Rep. no. 3M2015.
Inside Mortgage Finance, May. 2015. Web. 1 Jun. 2015.
- Top Direct-Funded Originators. Rep. no.
3M2015. Inside Mortgage Finance, May. 2015. Web. 1 Jun. 2015.
- Top Purchase-Mortgage Producers. Rep.
no 3M2015. Inside Mortgage Finance, Jun. 2015. Web. 5 Jun.
2015
**http://www.inc.com/profile/stearns-lending
- "The 2013 Inc. 5000." The 2013
Inc. 5000. Inc.com, Aug. 2013. Web. 18 Mar. 2015.
- "The 2014 Inc. 5000." The 2014
Inc. 5000. Inc.com, Aug. 2014. Web. 18 Mar. 2015.
About Blackstone
Blackstone is one of the world’s leading investment firms. We
seek to create positive economic impact and long-term value for our
investors, the companies we invest in, and the communities in which
we work. We do this by using extraordinary people and flexible
capital to help companies solve problems. Our asset management
businesses, with over $330 billion in assets under management,
include investment vehicles focused on private equity, real estate,
public debt and equity, non-investment grade credit, real assets,
and secondary funds, all on a global basis. Blackstone also
provides various financial advisory services, including financial
and strategic advisory, restructuring and reorganization advisory,
and fund placement services. Further information is available
at www.blackstone.com. Follow us on
Twitter @Blackstone.
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version on businesswire.com: http://www.businesswire.com/news/home/20150821005698/en/
Media ContactFor
Stearns:James HechtExecutive Vice President, Strategic
Development972-521-1055jhecht@stearns.comorFor Blackstone:Christine
Anderson212-583-5263Christine.anderson@blackstone.com
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