- What Nesto and CMLS are combining into one firm
- Why The combined firm will have a portfolio exceeding $60bn of mortgages
- What next The company will have more than 1,000 employees
Mortgage lender Nesto has acquired fellow lender CMLS Group.
The combined firm will managed a portfolio of more than $60bn of mortgages and will operate in the commercial and residential sectors. The deal was supported by Diagram Ventures, Portage, NAventures, IGM Financial, BMO Capital Partners, Fonds de solidarité FTQ and Fondaction.
Malik Yacoubi will be chief executive of the combined firm, and Sam Brown will serve as president and head of the commercial division. The company will have more than 1,000 employees across 10 offices.
“Combining our strengths will allow us to better serve Canadians and set new standards in the mortgage industry,” Yacoubi said.
