DLC to sell majority stake

DLC to sell majority stake

DLC to sell majority stake Dominion Lending Centres plans to sell majority 60% stake to Calgary-based FCF Capital.

“This is a tremendous opportunity for Dominion Lending Centres to continue to provide exceptional mortgage services for Canadians and expand our reach into other growth areas,” Gary Mauris, President and CEO of Dominion Lending Centres, said. “We will continue to operate under the DLC group of companies with the same values, principles and operating approach that has made DLC Canada’s number one mortgage company.

“I’m excited for our organization to join forces with such a dynamic organization as FCF that will benefit our customers, our network of accredited mortgage professionals, our partners and our corporate team. This partnership will allow us to grow as a company in the markets we serve and both Chris and I look forward to leading the next chapter of DLC’s growth and expansion.”

DLC will continue to operate independently; Gary Mauris, president and CEO, and Chris Kayat, executive vice president, will carry on in their respective roles.

It’s another big move for the network, which earlier this year acquired rival Mortgage Architects.
The investment by FCF can be viewed as a vote of confidence in the brand and, indeed, the mortgage broker industry.
"FCF is delighted that the acquisition of a majority interest in DLC could form FCF's first investment under its new investment thesis,” Stephen Reid, president and CEO of FCF Capital. “DLC represents excellence in the mortgage brokerage and leasing industry and our majority interest in it provides our shareholders with an opportunity to participate in this success story. 

“We believe DLC's highly committed and motivated management team will continue to grow the DLC brand."