P.M. BRIEFING : Employees, Investors Join to Buy Coldwell Banker Commercial Group
A group composed of employees of the Coldwell Banker Commercial Group and several outside investors announced today in Los Angeles that they have signed a final agreement to purchase the group from Sears, Roebuck & Co.
The price tag on the deal is approximately $300 million.
A statement issued with the announcement said the present management and operating philosophy of the group will be continued.
James J. Didion led employees in the purchase negotiations, while Frederic V. Malek and the Carlyle Group of Washington, D.C., led the outside investors. Malek will represent the outside group as co-chairman with Didion.
Investors in the new venture include the Carlyle Group, the Mellon Family Trust, Westinghouse Credit, Bankers Trust Co., a group of Japanese investors represented by the investment banking unit of Sumitomo Bank, and Malek, both individually and as part of the Carlyle Group.
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