Blackstone to acquire Stearns Holdings.

The Blackstone Group agreed to acquire Stearns Holdings, a provider of residential mortgage lending services, in connection with reorganization for a $75m new money investment. “The action we are taking today is the next step in our efforts to reposition Stearns for future growth opportunities and enhanced profitability. We have taken deliberate and proactive actions to reduce costs and refocus on our core businesses. We are now undertaking a comprehensive financial restructuring with the goal of moving forward in a stronger financial position. As a long-term investor in the Company, Blackstone knows our business well. They share our confidence in Stearns’ future prospects and are dedicated to supporting us through this transition. Their desire to continue their relationship and ongoing commitment to our business, employees and partners demonstrates their belief that we will come out of this process stronger than before,” David Schneider, Stearns Lending Chief Executive Officer.