Subject: TNM
Midwest Equity Mortgage, LLC to be Acquired by Celebrity Financial, Inc.
CHICAGO, June 6, 2018 /PRNewswire/ -- Midwest Equity Mortgage, LLC, ("MEM") an Illinois based independent mortgage lender, today announced it has signed a definitive purchase and sales agreement to be wholly acquired by Celebrity Financial, Inc., ("Celebrity") a U.S. Virgin Islands based diversified financial services holding company. The acquisition is subject to regulatory approval with an anticipated closing date in the third quarter. David Robnett, Chairman and CEO of Celebrity, Dave Hansen, Partner and co-founder at MEM and Pete Gabrione, Partner and co-founder at MEM, will each take significant equity positions in Celebrity, MEM's parent company.
This is the first of several acquisitions and investments Celebrity intends to make in the next 12-24 months. Other targeted opportunities include traditional banking, fintech software, insurance, and capital markets. "Right from the start we felt a connection to David Robnett and his vision. Our Consumer Direct channel will continue to lead the industry, while our Retail channel will now have the vital support and expertise necessary to its expansion," Pete Gabrione added.
Robnett, who is attending this week's Mortgage Mastermind conference in Las Vegas, will join MEM's executive team as its CEO and brings to MEM 20-plus years of strategic and executive mortgage experience. As CEO, Robnett anticipates expanding MEM's Retail channel while overseeing strategic initiatives additional investments in fintech as well as diversifying MEM's product and services offering. The rest of MEM's executive team will remain in place, including MEM's founders, Pete Gabrione and Dave Hansen. "We searched far and wide for the right partner for our first acquisition and immediately saw that Midwest Equity was a perfect fit with the right infrastructure already in place to support the strategic mission. What they've built in a little over a decade is nothing short of remarkable, and we're looking forward to expanding upon their success," David Robnett, Celebrity's CEO said.
Additional inquires can be directed to Eric Meadow at: [email protected]
About Midwest Equity Mortgage, LLC
MEM is an independent mortgage lender which celebrated its 10th anniversary in April of 2017. Licensed in 15 states with multiple offices in the US, MEM originates and funds residential mortgage loans through three distinct business channels and under the DBA's of Midwest Equity Mortgage, eClick lending, and Capital Financial Group.
SOURCE Midwest Equity Mortgage, LLC
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