Celebrity Financial, a financial-services holding company, purchased Midwest Equity Mortgage, an independent mortgage lender, in the first of several acquisitions Celebrity said it is preparing for in the near future.
"We searched far and wide for the right partner for our first acquisition and immediately saw that Midwest Equity was a perfect fit with the right infrastructure already in place to support the strategic mission. What they've built in a little over a decade is nothing short of remarkable, and we're looking forward to expanding upon their success," Celebrity's CEO David Robnett said in a statement.
In the next 12 to 24 months, the company, which currently operates in 15 states, said it plans to purchase companies in a number of industries including banking, fintech, insurance and capital markets.
The sale of Midwest Equity Mortgage is pending regulatory approval but it is expected to close in Q3. Midwest Equity Mortgage Partner and Co-Founder Pete Gabrione, along with Dave Hansen – also partner and co-founder at MEM – will both take significant equity positions in Celebrity, per the terms of the acquisition.
"Right from the start we felt a connection to David Robnett and his vision. Our Consumer Direct channel will continue to lead the industry, while our Retail channel will now have the vital support and expertise necessary to its expansion," Gabrione said in a statement.