Thesale of a majority stake will allow DLC
to pursue growth opportunities, which could include further acquisitions.
“It gives us some real horsepower to do the things we want to do. We’re really committed to the space and we love it,” Gary Mauris
, president of Dominion Lending Centres
, told MortgageBrokerNews.ca. “Bringing in [these] partners gives us the capacity to continue to do what we do; to add new technology, to add new innovation.
“For us it’s always about finding alternative revenue streams that we can use to add to our distribution. The FCF group gives us the ability to do that.”
Dominion Lending Centres
announced Friday it had sold a 60% stake of the company to FCF Capital Inc. for $73,987,788.
The move will allow DLC
to grow and, if the right deal comes along, potentially acquire additional companies.
“We put in a bunch of capital; we’re standing by to put more capital in should interesting acquisitions be found,” Stephen Reid, president and CEO of FCF Capital.
Reid said FCF is a passive investor and it plans to help DLC
double in size.
will remain as president and Chris Kayat will stay on as executive vice president. A board of directors will also be installed.
For his part, Mauris also teased some plans brokers can look forward to in the coming months.
“We have some new technology under development. We’ve identified other opportunities that, at this time, I can’t disclose,” Mauris said. “We have distribution, we have a great network, and owners are looking for additional ways to build deeper relationships with clients.
“Having partners like this group gives us the flexibility to do that at an accelerated pace.”