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  • Seller
  • Buyer
  • Type
  • Date Announced
  • Seller AUM
  • Lau Associates LLC and Lau Professional Services LLC (JNJ Holdings LLC)
  • Bryn Mawr Bank Corporation
  • Wealth Management Firms
  • June 9, 2008
  • $600 Million

Seller Details

Lau Associates LLC is 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 is a tax preparation firm.

Buyer Details

Bryn Mawr Bank Corporation, including its principal subsidiary, The Bryn Mawr Trust Company, which was founded in 1889, has $1 billion in corporate assets and $2.2 billion in trust and investment assets under management and administration. Bryn Mawr Bank Corporation stock is publicly held and traded on NASDAQ Global Market under the symbol of BMTC. Bryn Mawr Trust offers a full range of personal and business banking services, consumer and commercial loans, equipment leasing, mortgages, insurance, and wealth management services, including investment management, trust and estate administration, retirement planning, custody services, brokerage, and tax planning and preparation. Headquartered in Bryn Mawr, Pennsylvania, Bryn Mawr Trust has eight full-service branches serving residents and businesses in the affluent “Main Line” suburbs of Pennsylvania. It also maintains seven limited service offices located in upscale adult communities.

Transaction Summary

Bryn Mawr Bank Corporation (“BMBC”) 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. 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.

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