Nesto Acquires CMLS Group, Expands Mortgage Services

Mark Eisenberg
Photo: Finoracle.net

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.

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Mark Eisenberg is a financial analyst and writer with over 15 years of experience in the finance industry. A graduate of the Wharton School of the University of Pennsylvania, Mark specializes in investment strategies, market analysis, and personal finance. His work has been featured in prominent publications like The Wall Street Journal, Bloomberg, and Forbes. Mark’s articles are known for their in-depth research, clear presentation, and actionable insights, making them highly valuable to readers seeking reliable financial advice. He stays updated on the latest trends and developments in the financial sector, regularly attending industry conferences and seminars. With a reputation for expertise, authoritativeness, and trustworthiness, Mark Eisenberg continues to contribute high-quality content that helps individuals and businesses make informed financial decisions.​⬤