First National Financial, a non-bank powerhouse that's one of Canada's biggest broker lenders, plans to sell a controlling stake to private equity in a $2.9 billion deal.
The two groups signing the cheque are:
- Global alternative asset manager Brookfield Asset Management Ltd., which owns private mortgage insurer Sagen and developer Brookfield Residential, and
- Private equity firm Birch Hill Equity Partners Management Inc., which previously bought HomeEquity Bank.
If you’re a mortgage broker, this is capitalism giving you an expensive nod—the kind of news that underscores broker value.
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