Heritage Financial Group Ltd (HFGL) has agreed to buy a 50% stake in Calgary-based VERICO Boomerang Financial, a mortgage brokerage firm supporting the investment and insurance advisor channel, it said in a release.
With this acquisition, HFGL expands into the Canadian mortgage industry and expands its share of the Canadian financial services market, it said. Terms were not disclosed.
"The acquisition is also expected to result in greater efficiencies and most importantly, a wider range of high quality financial products and services for our clients,” said Scott McIndless, Heritage Financial president and chief executive.
This new partnership takes effect immediately, making both companies' services available to HFGL and Boomerang Financial clients.
HGFL, through its subsidiaries, provides integrated financial services in Canada and other select international markets. It has total assets under management and administration of $3 billion. It is a deposit broker selling investment products such as GICs, RRSPs, RRIFs and annuities.
Boomerang Financial is a finance company and full-service mortgage brokerage offering financial and advisory services, including commercial financing and capital commercial leasing. They are a Calgary-based company with offices in Toronto, and Vancouver.