Vancouver-based Montfort Capital Corporation has acquired Brightpath Capital Corporation in a deal valued at $30.5 million. Montfort trades on the TSX Venture Exchange under the symbol MONT.
On August 16, 2022, Montfort announced it had completed its acquisition of Brightpath, a private mortgage lender headquartered in Waterloo, Ont. Brightpath offers private credit to individuals in Ontario and British Columbia who are self-employed, new to Canada, experiencing credit issues, or looking at real estate renovation or development projects.
With this acquisition, Montfort has added one of Canada’s leading private providers of residential mortgages to its diversified portfolio of specialized private credit brands.
“Brightpath significantly increases our size and profitability and opens our private credit business model to the lucrative real-estate mortgage markets in Canada,” Montfort CEO Mike Walkinshaw said in a release. “Montfort began as a specialist in SaaS revenue-based lending but has quickly grown to offering a broad spectrum of specialized private credit opportunities to Canadian investors.”
Brightpath CEO Blake Albright has been appointed a director and chief capital officer of Montfort. Brightpath’s management team will continue to operate the mortgage-lending company.
“Bringing Montfort and Brightpath together is a logical next step that creates substantial value for our customers and investors alike,” Albright said in a statement. “Our combined resources make us stronger financially, allowing us to position ourselves as a leader in the rapidly growing private lending space.”
MLT Aikins lawyers Kevin Sorochan, Scott McCamis, Taylor Dignan, Mark Gill and Alizeh Virani were pleased to act as counsel to Montfort on this transaction. Our lawyers have wide-ranging experience advising clients on large-scale private and public transactions. Learn more about our Mergers & Acquisitions practice group.