OAK BROOK, Ill., Nov. 1, 2012 /PRNewswire/ -- Crabtree Holdings, LLC ("Crabtree Holdings") and MTL Holdings, Inc. ("MTLHI"), a holding company within the Mutual Trust Financial Group, today announced that they have entered into a definitive stock purchase agreement under which Crabtree Holdings will acquire MTL Equity Products, Inc. ("MTLEP"). Subject to regulatory approval, the transaction is expected to be completed at the end of this year. At the completion of the transaction, it is intended that MTLEP will be renamed Brooklight Place Securities, Inc.
"The core business of Mutual Trust is life insurance sold through MTL Insurance Company, and this agreement enables us to sharpen our focus on our life insurance operations," said Steve Batza, FSA, MAA, CLU, ChFC, President and Chief Executive Officer of MTLHI. "We are pleased to be working with Crabtree Holdings in this transaction. Their industry experience and managerial expertise will help ensure continued high-quality support for MTLEP's representatives and their customers."
Charles R. "Bob" Brettell, President of Crabtree Holdings, LLC, stated, "The MTLHI team has done a great job of managing MTLEP since its inception. Crabtree Holdings is excited to have the opportunity to acquire such a well-respected independent broker-dealer and looking forward to serving the interests of its representatives and their customers for years to come."
About MTLEP / MTLHI
MTL Equity Products, Inc. is a securities broker-dealer and investment adviser that has served its valued clients for more than twenty five years. MTLHI is a holding company in the Mutual Trust Financial Group.
About Crabtree Holdings, LLC
Crabtree Holdings, LLC is a Delaware limited liability company formed solely for the purpose of the above-described MTLEP acquisition.
SOURCE Crabtree Holdings, LLC