Heritage Financial Group Ltd. Acquires 50% Stake of VERICO Boomerang Financial Inc.
TORONTO, Aug. 26, 2013 /CNW/ - Heritage Financial Group Ltd. (HFGL), announced today that it has acquired a 50% stake in Calgary-based VERICO Boomerang Financial Inc. (Boomerang Financial), a progressive Canadian mortgage brokerage firm supporting the investment and insurance advisor channel.
With this strategic acquisition, HFGL expands into the Canadian mortgage industry and expands its share of the Canadian financial services market. "More Canadian families will be able to take full advantage of the competitive mortgage product that Boomerang Financial has to offer," says Scott McIndless, President and Chief Executive Officer of Heritage Financial Group Ltd. "The acquisition is also expected to result in greater efficiencies and most importantly, a wider range of high quality financial products and services for our clients."
"We are excited to partner with HFGL," says Wayne Kainu, President of Boomerang Financial. "This transaction provides significant and immediate value for both our referral sources and customers as it gives us the ability to strengthen our services and processing. In addition, we can now implement volume-based discounting models for mortgage rates, which we believe is a very enticing feature of the products."
"With the Canadian government tightening mortgage rules, Canadians need options, and more importantly they need to have various lenders compete for their business," explains Chris Cabel, Chief Executive Officer of Boomerang Financial. "We specialize in presenting clients with efficient financing solutions, and look forward to working with the HFGL Group of companies."
This new partnership takes effect immediately, making both companies' services available to HFGL and Boomerang Financial clients.
About Heritage Financial Group Limited
Heritage Financial Group Limited (HFGL) is focused, through its subsidiaries, on providing integrated financial services in Canada and other select international markets and has total assets under management and administration of $3 billion. HFGL's subsidiaries provide everything from portfolio management and advisory services, to controlling one of the leading distributors of Canadian fixed-income Registered Education Savings Plans (RESPS)*. With an extensive network of Representatives they deliver progressive financial solutions to help meet the future goals of Canadian families.
About VERICO Boomerang Financial Inc.
Boomerang Financial is a Canadian finance company and full service mortgage brokerage, operating from coast to coast. Boomerang offers clients professional advice and strategic financing to achieve the most efficient financial solution. They also offer commercial financing as well as capital commercial leasing. They are a Calgary based company with offices in Toronto, and Vancouver.
* Heritage RESPs (Heritage and Impression Plans) are scholarship plans issued under the sponsorship of Heritage Educational Foundation. Heritage RESPs are offered by prospectus only, a copy of which can be obtained from the registered dealer Heritage Education Funds Inc. at www.heritageresp.com. These securities may not be appropriate for all investors and are subject to certain risk factors. See the prospectus for details.
This document and the information contained herein are provided solely for information purposes, and are not to be construed as a solicitation of an offer to buy or sell any securities or other financial instruments in Canada or any other jurisdiction. No investment decision relating to securities distributed by any Heritage Financial Group Ltd. (HFGL) affiliate should be made on the basis of this document.
This document contains statements that constitute "forward looking statements." While these statements represent Heritage's judgements and expectations concerning the matters described, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from HFGL's expectations.
HFGL specifically prohibits the redistribution or reproduction of this material in whole or in part without the prior written permission and accepts no liability whatsoever for the actions of third parties in this respect.
SOURCE VERICO Boomerang Financial Inc.For further information:
VERICO Boomerang Financial Inc.