ACG New York Women of Leadership - Entrepreneur Series
Barbara Bradley Baekgaard, founder of Vera Bradley (Nasdaq: VRA), is the latest in a series of entrepreneurs highlighted at ACG New York Women of Leadership events. Photo credit: Robert Blumenfeld


GTCR, Hormel, the Riverside Co-CEOs and Others Win M&A Mid-Market Awards
Amid a slow and challenging year for dealmaking, the winners of Mergers & Acquisitions’ 7th Annual M&A Mid-Market Awards outpaced the competition to grow, innovate and lead the middle market


Financial Services Companies Heat Up M&A Market
Speakers from Flexpoint Ford, Genstar Capital, Baird Capital, Madison Capital Funding and Katten Muchin Rosenman discuss the various factors playing a role in M&A activity within the financial services space

Expert's Corner

Pursuing Pharma Manufacturing
The fragmented pharmaceutical manufacturing industry provides plenty of opportunities for private equity investors, says JLL Partners founder Paul Levy

Lender News
Ocwen Buys Mortgage Lender ClearPoint

The news comes days after Ocwen's announcement that it's selling its mortgage-servicing business

Just days after announcing that it is selling part of its mortgage-servicing business, Ocwen Financial Corp. (NYSE: OCN) agreed to buy the mortgage-lending unit of New York investment bank Gleacher & Co. Inc. (Nasdaq: GLCH).

Gleacher has reached an agreement to sell its ClearPoint unit to Homeward Residential, an Ocwen subsidiary. The sale price was not disclosed. Gleacher said it expects the deal to close in the first quarter.

On Feb. 12, the Atlanta-based Ocwen announced that it had agreed to sell non-core parts of its Homeward and Residential Capital units to Altisource Portfolio Solutions. Ocwen bought Homeward last year for $750 million.

Gleacher also said on Friday that it is ending its search for a buyer or a merger partner.

"Although we did not believe any proposal we received during the process adequately reflected Gleacher's value, we will, as before, be opportunistic in considering value-building strategic initiatives that may accelerate our growth and improve stockholder returns," said Chief Executive Thomas Hughes in the press release.

Gleacher bought the Marlborough, Mass.-based ClearPoint in January 2011. In 2012, the investment bank recorded $53.4 in net revenue from ClearPoint, an 11 percent increase from 2011. Gleacher says it expects to record a $5 million loss on the sale.

Gleacher lost $11.5 million in the fourth quarter, it said Friday. Founder Eric Gleacher resigned as its chairman last month.


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