News
June 08, 2008
Bryn Mawr, PA, June 9, 2008 – On June 9, 2008, Bryn Mawr Bank Corporation entered into a definitive Membership Interest Purchase Agreement with Marigot Daze LLC, pursuant to which BMBC will acquire from Marigot Daze all of the issued and outstanding limited liability company membership interests in JNJ Holdings LLC, a Delaware limited liability company. JNJ Holdings is a holding company that wholly owns Lau Associates LLC, a financial planning and investment advisory firm with over $600 million of assets under management as of December 31, 2007, and Lau Professional Services LLC, a tax preparation firm. Both Lau Associates and Lau Professional Services are headquartered in Wilmington, Delaware, with a client base primarily located in Delaware, Pennsylvania and other East Coast states.
Approximately, $3.7 million of the purchase price will be payable at closing, and the remaining balance of the purchase price will be payable in annual installments during the period commencing on the closing date and continuing through December 31, 2011, with the amount of such annual installments to be based on the pre-tax income of the acquired businesses during the aforementioned post-closing period. However, the total purchase price payable by BMBC under the Membership Interest Purchase Agreement will be no more than $19 million. The acquisition will be an all cash transaction and is expected to be immediately accretive to BMBC's diluted earnings per share.
Following closing of the transaction, the acquired businesses will continue to be managed on a day to day basis by Judith W. Lau, principal equity owner of the seller, Marigot Daze. Subject to regulatory approval and other customary closing conditions, the transaction is expected to close in the third quarter of 2008.
Berkshire Capital has reprinted this press release substantially in its entirety.
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