New acquirer looking to buy Lindberg's Pavonia Life for $75M

An acquirer has filed paperwork to purchase Pavonia Life Insurance Co. of Michigan, a company of Greg Lindberg's GBIG Holdings LLC, for $75 million.

Spartan Insurance Holdings LLC was designated the acquiring entity by Axar Capital Management LP, according to a Form A filed with the Michigan Department of Insurance and Financial Services. Axar intends to fund the proposed acquisition using equity contributions by investors.

Ares Management Corp. previously intended to acquire Pavonia, but the deal was scuttled.