Celebrity Financial has finalized its acquisition of independent mortgage lender Midwest Equity Mortgage.
The deal, which closed for an undisclosed amount, gives Celebrity, based in the U.S. Virgin Islands, a 100% stake in the lender.
When the purchase was announced in June, Celebrity said it was going on an acquisition tear, starting with its purchase of Midwest Equity Mortgage, with additional plans to purchase companies in several industries, including banking, fintech, insurance and capital markets, over the next 12 to 24 months.
With ownership changes come leadership changes.
David Robnett, chairman and CEO of Celebrity, will now serve as Midwest Equity Mortgage’s CEO. Dave Hansen, partner and co-founder at the lender, will serve as its chief revenue officer. Additionally, Pete Gabrione, partner and co-founder at Midwest Equity Mortgage, will now serve as its chief operating officer, and Eric Meadow will serve as the company president.
"From the time we announced this acquisition, we've received significant interest and positive responses from our business partners and regulators,” Robnett said. “There's also no doubt the industry, in general, is taking notice that there is something special going on over here that others want to be a part of. We'll be announcing several additional growth initiatives soon."
"We are thrilled for our employees and the MEM brand that the company will continue to flourish into the future. We are excited to lead this venture along with the rest of [the] Senior Management Team,” Hansen and Gabrione said in a joint statement.
Announced separately from the acquisition finalization, Midwest Equity Mortgage announced that California-based JVM Lending is now part of its company as of Aug. 7.