September 21, 2017 – Verico Financial Group Inc. and M3 Mortgage Group have entered into a definitive agreement for the acquisition of the VERICO Canada Management Company.
VERICO remains one of Canada’s largest and most respected mortgage origination networks in Canada. In 2017, VERICO’s growth outpaced all competitors in both network size and loan volume.
“We believe that the time is right in the industry for positive consolidations that result in the necessary scale to provide VERICO Members with access to superior financial products, technology, and customer acquisition & retention advantages,” says Colin Dreyer, CEO of VERICO.
“The network is unique in that each member firm is an independently owned and operated mortgage brokerage business operating under their own brand. Consequently, this acquisition will have no direct impact on the network or any of the member firms. In addition, the VERICO brand, management team, systems, and network agreements remain in place,” adds Dreyer.
“Today’s announcement is a game changer for us, our brokers and the families we seek to serve, because it gives us the scale and scope to truly transform the home nancing space in Canada,” says Luc Bernard, President & CEO, The M3 Mortgage Group. “Expanding our role as the biggest servicer and mortgage originator in Canada is significant on its own, but having the strategic vision to sustain our growth is key. To have a great organization like VERICO decide to join forces with us, affirms that our appetite for innovation and approach to risk is a winning strategy that will thrive in the attractive home financing space for decades to come.”
“The mortgage business continues to become increasingly more competitive and these competitive forces can be leveraged with critical mass, expanded financial resources, increased loan volumes and dominant market share that will empower VERICO and its brokers while they remain independently owned and operated,” adds Albert Collu, President of VERICO.
“This is true to the spirit of our Network and “Your Business. Your Brand. Your Way” values. The acquisition not only enhances VERICO’s long term vision but it also creates a grouping of strong companies now positioned to become the market share leader within our industry,” says Collu.