Macquarie Buys Canadian Mortgage Company

The Macquarie Group has acquired Toronto-based Cervus Financial Corp. for C$12.5 million (about $11 million) in a move it said continues its international expansion of mortgage activities.The Australia-based Macquarie said current Cervus employees would become Macquarie employees as part of the transaction. "We believe Cervus is a solid company, which has recently experienced a deficiency in working capital to drive this business forward and is a committed long-term participant in the Canadian market," said Frank Ganis, Macquarie's executive director and global head of mortgages. "We will be able to build on the existing capabilities of both parties to provide customers with a range of first-class financial products and services. Macquarie's distribution skills and success in developing third-party and broker relationships is an excellent strategic fit with Cervus." The companies can be found online at http://www.macquarie.com and http://www.cervus.com.