Enterprise Financial Services Corp. of Clayton, Mo., the parent of Enterprise Bank and Trust, announced Monday that it had bought Millennium Brokerage Group, a Nashville life insurance advisory and brokerage firm.
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The deal, first announced Oct. 13, is structured as an earnout, with a potential value of $36 million, including a $15 million initial payment for 60% of Millennium's stock. Enterprise will also make payments in 2008 and 2010 if it receives a 23.1% pretax return on its initial investment.
Millennium, which opened six years ago, has life insurance consulting and brokerage operations in 49 states.
Enterprise has commercial banking and wealth management businesses that focus on privately held businesses and their owners.
