Synergy One Lending announced on Thursday its management-led asset purchase (MBO) of the company’s distributed retail channel and the Synergy One brand from Mutual of Omaha Mortgage.
The buyout was announced near the two-year anniversary of Mutual of Omaha’s acquisition of the mortgage lender in June of 2018.
Though the terms of the acquisition were not announced, Synergy One President Aaron Nemec said, “This acquisition enables us to more aggressively pursue our pipeline of opportunities and to continue to evolve our operational and sales platforms in building a fintech-enabled company that aligns our team with the experience our customers demand.”
The MBO was led by Nemec and Synergy One CEO Steve Majerus.
“Aaron and I are sincerely grateful for the opportunity to lead Synergy One into the future. Our confidence in our team and our collective ability to execute couldn’t be higher,” said Majerus.
In 2018, Mutual of Omaha Bank, the banking arm of Mutual of Omaha, acquired Synergy One to allow the company to expand its reverse mortgage lending. Upon completion of the deal, Synergy One operated as a wholly owned subsidiary of Mutual of Omaha Bank and maintained its base in San Diego.
At the time of the acquisition, then-Synergy One President and CEO Torrey Larson said, “The impact of two high-performance teams working as one provides an undeniable opportunity to grow market share by executing every day on behalf of our customer.”