For Immediate Release
Edmonton, Alberta, April 1, 2011 – First Foundation Residential Mortgages Announces Acquisition by M-A-C Cosmetics
First Foundation Inc., operating in Alberta as First Foundation Residential Mortgages, today announced that the company has been acquired by M-A-C Cosmetics for an undisclosed amount.
Were incredibly excited about the opportunities that lay ahead of us now that we are part of the M-A-C family, said First Foundation founder and President, Gordon McCallum. At first blush, the synergies in our relationship might seem hard to outline, but were confident that well be able to lay a solid foundation for the future with this agreement.
The agreement, effective immediately, serves to combine the retail success of M-A-Cs stores with the highly customized services of First Foundations Licensed Mortgage Brokers. Going forward, new and existing staff will be cross-trained to provide both makeup artistry, and independent mortgage brokerage services. Front-line staff will carry the title of Mortgage Makeup Artist and have full authorization to perform credit checks and cat-eye contours, among other services.
At M-A-C we recognized the obvious cross-sale opportunities for our front-line makeup artists to offer mortgage and other financial services, said April Fuuls, M-A-Cs Director of Marketing for Western Canada. Its amazing how hard it is for someone to say no to you when youre curling their eyelashes.
McCallum was quick to dispel any rumours that this acquisition by M-A-C was a desperation move by First Foundation after it had been rejected earlier for takeover by management of the La Senza chain. The truth is that there just wasnt enough support for the La Senza deal, said McCallum. The underlying fundamentals werent sexy enough for our Board and at the end of the day, it just wasnt a good fit.
For further information contact:
Gordon McCallum, B.Comm, AMP
President and CEO
First Foundation Inc.
780-702-7678 ext. 303
About First Foundation:
First Foundation is an independent mortgage broker that helps Albertas homebuyers and owners secure a mortgage at the best rate available from Canadas top mortgage lenders. Motivated by a desire to help people achieve home ownership with savings and security, First Foundation always acts in the best interest of its clients. As a leading mortgage brokerage, it provides competitive mortgage rates, in addition to insurance and financial services. First Foundation has a head office in Edmonton and a virtual branch in Calgary, and has been serving the needs of Western Canadian property owners and buyers since June 2002. Its management team also enjoys a good laugh at the expense of others – especially early in April. www.firstfoundation.ca