Guardian Life Insurance Co. of America is acquiring a large majority interest in real estate manager Lowe Enterprises Investors from LEI's former parent company, Lowe Enterprises, a Broadshore spokeswoman said in an email.
Lowe Enterprises Investors has about $2 billion in assets under management.
Prior to this transaction, Guardian Life Insurance Co. held a 49% stake in Lowe Enterprises Investors; LEI's former parent owned 46% and senior management held about 5%. In 2010, Lowe sold a majority of the business to Guardian Life and LEI's management, making Lowe Enterprises a non-controlling minority owner of LEI. When the deal closes, which is expected to be this month,, senior management and Guardian will increase their stakes, with senior management owning up to a 20% equity stake in Lowe Enterprises Investors and Guardian Life owning the remainder. LEI will be renamed Broadshore Capital Partners.
Broadshore Capital will retain all of LEI's existing staff and will continue to be led by LEI co-CEOs Bradford W. Howe and Bleecker P. Seaman III.