Funds managed by Blackstone's private equity group will acquire a majority stake in the corporate parent of Santa Ana, Calif.-based mortgage company Stearns Lending for an undisclosed amount.
Founder Glenn Stearns, who will retain a significant share of the company, said in a Dec. 10 press release that the transaction would help the company expand.
"Aligning with a strong financial partner provides us with the resources to continue executing our strategic plan as we aim to increase profitable market share growth," he said.
JPMorgan Securities is serving as an exclusive financial adviser to Stearns Holdings in the deal; Bank of America Merrill Lynch is serving as exclusive adviser to Blackstone.
