Global Growth
| Private | |
| ISIN | 🆔 |
| Industry | Financial services |
| Predecessor | Eli Global |
| Founded 📆 | 1991 |
| Founder 👔 | Greg Lindberg |
| Headquarters 🏙️ | , , United States |
Area served 🗺️ | |
| Members | |
Number of employees | |
| 🌐 Website | globalgrowth |
| 📇 Address | |
| 📞 telephone | |
Global Growth, formerly Eli Global, is a multinational corporation and conglomerate private equity firm based in Durham, North Carolina, US and founded in 1991 by Greg Lindberg.
History[edit]
Global Growth was founded as Eli Global by Greg Lindberg.[1]
In 2012 Lindberg began investigating the possibility of acquiring insurance companies, displaying a particular interest in the large number of assets retained by such companies to fulfill payouts. In 2014 Eli Global made its first insurance acquisition when it purchased a burial-policy insurer based in Alabama. Lindberg wished to loan the insurer's assets to other businesses he owned, but relocated the insurer to North Carolina, where regulations on such practices were vaguer than in Alabama, and began trading the burial-policy insurer's investments in treasury bonds for large loans in his own companies. Though North Carolina regulators usually enforced a cap of affiliated investments on insurers at 10% of their assets, the North Carolina Department of Insurance reached a special agreement with Lindberg, allowing his burial-policy insurer to invest as much as 40% of its assets in affiliates, though this limit was also eventually breached. In 2015 and 2016 Lindberg acquired more insurers and grouped them together as the Global Bankers Insurance Group.[2] As a result of the insurer acquisitions, Eli Global became markedly more profitable.[3] Lindberg ultimately loaned about $2 billion from the insurance companies he had acquired to other affiliated corporations.[4][5] By 2019 he had acquired over 100 companies.[2]
In March 2019 Lindberg was indicted by United States federal authorities for bribery. He subsequently relinquished his daily managerial responsibilities at Eli Global.[6] On June 27 the North Carolina Department of Insurance placed several Eli Global insurance companies into "rehabilitation", citing concerns about their liquidity and ability to meet their obligations to policy holders.[7] In September 2019 Lindberg resigned as the company's chief executive officer and its name was changed to Global Growth,[6] though he remained its sole owner.[8] George Vandeman was appointed chairman of the company.[6] Following the disclosure of Lindberg's legal troubles and those of some Global Growth companies, some of the subsidiaries were sued by other corporations for failure to uphold business agreements.[9][10]
Subsidiaries[edit]
Commercial[edit]
Education[edit]
- AudioSolutionz[14]
Finance[edit]
Healthcare[edit]
Insurance[edit]
Media[edit]
Research[edit]
References[edit]
- ↑ "Eli Global LLC". Bloomberg. Retrieved March 29, 2020.
- ↑ 2.0 2.1 Maremont, Mark; Scism, Leslie (March 1, 2019). "Insurance Tycoon Diverts $2 Billion". The Wall Street Journal. p. A1.
- ↑ Eanes, Zachery (April 5, 2019). "Who is Greg Lindberg? The man at the center of the NCGOP bribery scandal". The News & Observer. Retrieved March 16, 2020.
- ↑ Maremont, Mark; Scism, Leslie (January 3, 2019). "Financier Who Amassed Insurance Firms Diverted $2 Billion Into His Private Empire". The Wall Street Journal. Retrieved November 12, 2019.
- ↑ Maremont, Mark; Biswas, Soma (October 4, 2019). "Energy Company Controlled by Indicted Insurance Tycoon Files for Chapter 11". The Wall Street Journal. Retrieved March 29, 2020.
- ↑ 6.0 6.1 6.2 Ohnesorge, Lauren (September 18, 2019). "A new name, a new chairman for Lindberg-founded Eli Global". Triangle Business Journal. Retrieved March 16, 2020.
- ↑ Maremont, Mark; Scism, Leslie (June 27, 2019). "North Carolina Regulators Seize Control of Life Insurers Owned by Greg Lindberg". The Wall Street Journal. Retrieved March 29, 2020.
- ↑ Fain, Travis (November 11, 2019). "Lawsuits against NC political donor show pattern of delay, lack of cooperation". WRAL. Capitol Broadcasting Company. Retrieved March 16, 2020.
- ↑ Ohnesorge, Lauren (July 27, 2020). "Convicted billionaire Lindberg slapped with more litigation in $524 million case". Triangle Business Journal. Retrieved July 28, 2020.
- ↑ "Greg Lindberg sued by Puerto Rican insurance company". The North State Journal. August 2, 2020. Retrieved August 3, 2020.
- ↑ "Company Overview of CBV Collection Services Ltd". bloomberg.com. Retrieved 26 April 2019.
- ↑ "US based-company acquires Fleet Assist for undisclosed sum". FleetNews. July 31, 2017. Retrieved 26 April 2019.
- ↑ "Company Overview of Nationwide Recovery Systems, Ltd". bloomberg.com. Retrieved 26 April 2019.
- ↑ "AudioSolutionz, LLC". bbb.org. Retrieved 26 April 2019.
- ↑ "Company Overview of Finanzen.de AG". bloomberg.com. Retrieved 26 April 2019.
- ↑ "Company Overview of Western Bancorp Inc". bloomberg.com. Retrieved 26 April 2019.
- ↑ "Company Overview of Eli Health Solutions Private Limited". bloomberg.com. Retrieved 26 April 2019.
- ↑ "IN SO MANY WORDS". www.ophthalmologymanagement.com. May 1, 2016. Retrieved 2020-11-29.
- ↑ 19.0 19.1 19.2 19.3 "About Eye Care Leaders - Ophthalmology Specific EHR & PM".
- ↑ "Company Overview of IO Practiceware, Inc". bloomberg.com. Retrieved 26 April 2019.
- ↑ "Company Overview of MDoffice, Inc". bloomberg.com. Retrieved 26 April 2019.
- ↑ "My Vision Express - Reviews Details, Pricing & Features".
- ↑ "Company Overview of Stratford Pharmaceuticals, LLC". bloomberg.com. Retrieved 26 April 2019.
- ↑ "Company Overview of GBI Group, LLC". bloomberg.com. Retrieved 26 April 2019.
- ↑ "Company Overview of Southland National Insurance Corporation". bloomberg.com. Retrieved 26 April 2019.
- ↑ Robertson, Gary D. (Feb 9, 2018). "Little-known investor gives millions to NC politics". Citizen Times. Retrieved 26 April 2019.
- ↑ "Company Overview of BCC Research, LLC". bloomberg.com. Retrieved 26 April 2019.
- ↑ "Company Overview of ELI Research India Pvt. Ltd". bloomberg.com. Retrieved 26 April 2019.
- ↑ "Company Overview of ELI Research India Pvt. Ltd". bloomberg.com. Retrieved 26 April 2019.
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