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DALLAS-The management team of Dallas-based Holliday Fenoglio Fowler LP has bought the operation for its $10-million book value as Sydney-headquartered Lend Lease rushes to beat the June 30 close-out of the 2003 fiscal year.

The highly publicized deal–first reported as a likely scenario in November 2002 by GlobeSt.com–closed late yesterday afternoon. The official word from the Lend Lease camp is that the sale will not impact any prior earnings guidance. The transaction is the fourth this year and the second announced yesterday in Lend Lease’s retreat from the US marketplace, all lined up to close on or before June 30. For the related story, click here.

Holliday Fenoglio Fowler will be issuing its version of the takeover, at the very least to announce the corporate hierarchy, as it prepares to go to market truly independent of corporate affiliations for the first time in its 21-year history. Lend Lease acquired Holliday Fenoglio Fowler in December 1999 in a $257.5-million acquisition of five commercial business units of the former Amresco Inc., a one-time Dallas icon in the commercial lending industry. For the last four years, Holliday has been operating as an independent, wholly owned subsidiary of Lend Lease.

Holliday, one of the nation’s leaders in financial brokerage services, arranges debt placement, mezzanine capital, loan servicing and asset sales, an arena that’s become the “bread and butter” on its books. Since 1998, the firm has capitalized debt, private equity, structured finance and investment sales pushing a $63-billion total. Its volume last year totaled about $13.3 billion. The network has 18 offices nationwide. The firm’s four executive managing directors are John Fowler in Boston; Mark Gibson and Jody Thornton in Dallas; and John Pelusi in Pittsburgh, undoubtedly lead players in packaging the buyout.

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