Online Mortgage Lender Nesto Acquires Mortgage Finance Company CMLS Group
MONTREAL — Online mortgage lender Nesto has announced the acquisition of mortgage finance company CMLS Group.
CMLS Group, recognized as one of Canada’s largest independently owned real estate finance companies, offers a variety of services including commercial lending, residential mortgages, and institutional services.
The newly merged company will boast over 1,000 employees spread across 10 offices, managing more than $60 billion in mortgages. The financial terms of the agreement were not disclosed.
Companies Merge Leadership
Nesto’s chief executive Malik Yacoubi will step into the role of CEO for the combined company. At the same time, CMLS’s chief executive Sam Brown will continue to serve as president and lead the commercial division.
Maintaining Brand Identities
Despite the merger, the company plans to retain the Nesto, CMLS, and Intellifi brands to leverage their existing market strengths.
Investor Support
The acquisition is backed by significant investments from Diagram Ventures, Portage, National Bank of Canada’s corporate venture capital arm, IGM Financial, BMO Capital Partners, Fonds de solidarité FTQ, and Fondaction.
This report by The Canadian Press was first published on June 21, 2024.
