nesto Acquires CMLS Group

June 21, 2024

Montreal-based digital lender nesto has acquired CMLS Group, one of Canada’s largest mortgage finance companies, creating the country’s largest technology-enabled mortgage lender. The combined business will operate across residential and commercial mortgage markets with more than 1,000 employees, roughly $60 billion in mortgages under administration, and transaction support from a group of institutional and strategic investors including Diagram Ventures, Portage, NAventures, IGM Financial, BMO Capital Partners, Fonds de solidarité FTQ and Fondaction.

Buyers
nesto, Diagram Ventures, Portage, NAventures (National Bank of Canada), IGM Financial, BMO Capital Partners, Fonds de solidarité FTQ, Fondaction
Targets
CMLS Group
Sellers
CMLS Group shareholders
Location
British Columbia, Canada
Transaction Type
Buyout

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