Baird Buys Itself Back from Northwestern
On Wall Street, June, 2004 by Tony Chapelle
After 22 years of being majority-owned by the Northwestern Mutual Life Insurance Co., the employees of Robert W. Baird & Co. are buying back their independence. In May, Baird's employee shareholders voted to purchase Northwestern's 57 percent interest.
Baird CEO Paul Purcell said the new ownership structure would make it possible "to recruit and retain the best people." While the firm wouldn't comment, published reports say Baird plans to hire 50 additional reps who generate at least $400,000 each.
The cost of the buy-back was not disclosed, but analysts at SNL Financial Services estimated it might range between $304 million and $414 million based on the median prices for three recent deals of similar-size broker-dealers.
Northwestern Mutual Life, which owns...
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