The Wall Street Journal / June 19th, 2019
The Wall Street Journal reports: Real-estate firm Eastdil Secured LLC is buying back control of the company from Wells Fargo & Co., betting it can prosper as an independent boutique operation even as its competitors are growing bigger and going public.
Led by Chief Executive Roy March, Eastdil struck a deal for a management buyout, the firm said. Guggenheim Investments’ clients and the Singapore investment company Temasek Holdings Pte. Ltd. are also taking ownership stakes in the firm. Wells Fargo, which has owned Eastdil for 20 years, will retain a minority position.
The deal values the firm at more than $400 million, and over time Eastdil employees will be able to own more than 40% of the equity, according to people familiar with the transaction.
View the full article in The Wall Street Journal: Unhitched From Wells Fargo, Property Firm Bets It Can Thrive.