Insurance marketing and brokerage firm AmeriLife Group LLC is exploring a sale that could fetch as much as $500 million, and has hired investment bank Evercore Partners Inc to assist with that effort, people familiar with the matter said on Friday. Founded in 1971, AmeriLife develops, markets and sells annuity, life and health insurance products to seniors. Its brokers distribute insurance solutions which are backed by major insurers such as MetLife Inc and UnitedHealth Group Inc .Initial offers for the Clearwater, Florida based-firm were tabled in recent days, according to the people familiar with the matter, who asked not to be named because the matter is not public.AmeriLife's management, and private equity firms Reservoir Capital Group LLC and Black Diamond Capital Partners purchased AmeriLife from the company's founder in 2007.AmeriLife has annual earnings before interest, tax, depreciation and amortization of around $45 million and could fetch 10 times that amount, the people said.
Black Diamond, Inc. (Black Diamond), formerly Clarus Corporation, incorporated in 1991, is engaged in designing, manufacturing and marketing outdoor performance products for climbing, mountaineering, backpacking, skiing and other outdoor recreation activities. Shares of BDE traded higher by 0.83% or $0.07/share to $8.52. In the past year, the shares have traded as low as $7.50 and as high as $15.15. On average, 148858 shares of BDE exchange hands on a given day and today's volume is recorded at 56535.
Evercore Partners Inc. (Evercore) is an independent investment banking advisory firm. Shares of EVR traded higher by 1.12% or $0.56/share to $50.69. In the past year, the shares have traded as low as $45.16 and as high as $63.66. On average, 437180 shares of EVR exchange hands on a given day and today's volume is recorded at 147003.
MetLife, Inc. (MetLife) is a provider of insurance, annuities and employee benefit programs, serving 90 million customers in over 50 countries. Shares of MET fell by 0.49% or $-0.27/share to $55.15. In the past year, the shares have traded as low as $45.75 and as high as $57.57. On average, 5320020 shares of MET exchange hands on a given day and today's volume is recorded at 4139289.
Reservoir Capital Corp. (Reservoir) is a Canada-based company. Shares of REO traded higher by 3.61% or $0.015/share to $0.43. In the past year, the shares have traded as low as $0.09 and as high as $1.00. On average, 19318 shares of REO.V exchange hands on a given day and today's volume is recorded at 650.
UnitedHealth Group Incorporated (UnitedHealthcare) is a diversified health and well-being company. Shares of UNH traded higher by 0.44% or $0.38/share to $87.44. In the past year, the shares have traded as low as $66.72 and as high as $88.45. On average, 3658970 shares of UNH exchange hands on a given day and today's volume is recorded at 2909548.
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