Cleveland firm to acquire Charlotte-based Capital Advisors

Cleveland-based Bellwether Enterprise said Wednesday it will buy Charlotte-based Capital Advisors, a privately held mortgage banking firm.

The deal will change Capital’s name to Bellwether’s, though the Charlotte firm will retain all its employees and day-to-day operations.

The acquisition adds more than $1 billion in annual loan volume and $1.75 billion in servicing to Bellwether Enterprise, the mortgage banking subsidiary of Enterprise Community Investment. The deal will bring the firm’s total annual loan volume to more than $4.5 billion and its servicing portfolio to $10.2 billion, according to a statement from Bellwether.

The deal, subject to approval by the Bellwether and Enterprise boards, is expected to close by June 30. When the deal closes, Capital Advisors’ principals will get an equity stake in the combined Bellwether Enterprise, and Capital’s 31 current employees will be retained.

The acquisition will help strengthen Bellwether’s market share in the Southeast and beyond, Ned Huffman, president of Bellwether Enterprise, said in a statement.

Merging the two companies should go smoothly, Huffman added, since the two companies share similar cultures, provide boutique-style services, have overlapping connections with lenders and offer similar servicing platforms.

“With Bellwether Enterprise’s wide variety of agency and specialty lending products, as well as its dedication to workforce and affordable housing, we look forward to introducing the Bellwether Enterprise brand to borrowers in the Southeast,” said Cooper Willis, president of Capital Advisors.

Headquartered in uptown Charlotte, Capital Advisors also operates offices in Raleigh, Greensboro, Columbia, Greenville, S.C., Atlanta, Birmingham, Ala., and Memphis, Tenn.

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