Enterprise Financial Services Corp., the Clayton, Mo., parent of Enterprise Bank and Trust, said Thursday that it had agreed to buy the Nashville life insurance firm Millennium Brokerage Group.
The deal, expected to close this month, is structured as an earn-out with a potential value of $36 million, including a $15 million initial payment for 60% of Millennium's stock. Enterprise would make subsequent payments in 2008 and 2010 if it received a 23.1% pretax return on its initial investment.
The 6-year-old Millennium has life insurance consulting and brokerage operations in 49 states. Its customers include life insurance agents, banks, accounting firms, property and casualty groups, and financial advisers.
Enterprise has commercial banking and wealth management businesses in the St. Louis and Kansas City areas that focus on privately held businesses and their owners.
