Guaranteed Rate sells minority stake to Boston equity firm

SHARE Guaranteed Rate sells minority stake to Boston equity firm
guaranteedratelogo121517_1.jpg

jfklsdflsadkfjklasfjdlsfjadsfljdlsfjkadfsdsff

Guaranteed Rate, the mortgage lender who bought the naming rights to White Sox park, has reached an agreement to sell a minority stake in the company to Thomas H. Lee Partners, L.P., a Boston-based private equity firm.

Some of the investment — the terms of which were not disclosed — will be used to buy back shares of the Guaranteed Rate from private investors.

Crain’s Chicago Business reported the deal to be worth more than $100 million. Victor Ciardelli, CEO, will stay on, also serving as chairman of the board.

In a statement announcing the deal, Guaranteed Rate said, “THL will have a meaningful minority stake in the company.”

“THL shares our core values of financial and operational discipline, combined with a culture of inventiveness, self-sufficiency and collaboration,” Ciardelli said in the statement. “We are very excited to begin this journey with them.”

Founded in 2000, Guaranteed Rate is the sixth-largest retail mortgage lender in the country.

The deal is still subject to closing conditions and regulatory approvals, according to Guaranteed Rate. The agreement is expected to be finalized in the first quarter of 2018.

“When evaluating different opportunities in the mortgage space, it became clear to us that Guaranteed Rate is well-positioned to thrive and grow market share moving forward, and that it is a great company to partner with in the mortgage market,” said Ganesh Rao, managing partner at THL.

The Latest
Despite getting into foul trouble, which limited him to just six minutes in the second half, Shannon finished with 29 points, five rebounds and two assists.
Cowboy hats, bell-bottoms and boots were on full display Thursday night as fans lined up for the first of his three sold-out shows.
The incident occurred about 3:40 p.m. near Minooka. The horse was successfully placed back into the trailer, and the highway reopened about 40 minutes later. No injuries were reported.
The Hawks conceded the game’s only two goals within the first seven minutes and were shut out for the 12th time this season in a 2-0 defeat Thursday.