Equitable Bank has acquired a majority interest in Canadian commercial mortgage funds provider ACM Advisors.
The bank holds a 75% interest in the company after closing the previously announced deal. Toronto-based Equitable made the purchase through its EQB subsidiary.
Vancouver-based ACM has approximately $5 billion in assets under management.
“By closing this transaction, ACM and EQB begin a new chapter of value creation for our investors that will see our two organizations collaborate with a view to long-term growth and competitive advantage,” said Andrew Moor, EQB’s president and CEO in a news release.
ACM will operate as in independent majority-owned subsidiary of EQB. Chad Mallow is slated to remain as president and CEO.
Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate.
Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s.
In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star.
Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.