Stearns Holdings, LLC, parent company of Stearns Lending, LLC, a leading national mortgage lender with wholesale, retail, correspondent, and strategic alliance business channels, announced today that
Funds managed by the private equity group of Blackstone are to acquire a majority stake in Stearns Holdings, parent company of Stearns Lending, a mortgage lender with wholesale, retail, correspondent, and strategic alliance business channels,the company.
This partnership with Blackstone will provide Stearns with the necessary resources to accelerate its growth and fuel its efforts to capture even greater market share. Founder Glenn Stearns will retain a significant ownership stake.
“I am extremely excited to partner with Blackstone,” says Glenn Stearns (pictured), Chairman and Founder of Stearns. “Aligning with a strong financial partner will provide us with the resources to continue executing our strategic plan as we aim to increase profitable market share growth. I am very proud of what our employees have accomplished over the past 26 years and I look forward to the future with Blackstone as a partner.”
“We chose Stearns to be our partner because it is a leader in the mortgage market with a world-class management team and a strong platform,” says Chinh Chu, a Senior Managing Director at Blackstone. “We look forward to partnering with Founder Glenn Stearns, CEO Brian Hale and the entire team at Stearns to accelerate the next phase of the company’s growth.”
“My leadership team and I look forward to the future with support from Chinh and the other members of the Blackstone team as we continue to build the preeminent residential mortgage lender in the US,” says Brian Hale, Chief Executive Officer of Stearns.
