The move, subject to regulatory clearance, will see the enlarged network operating under the MBSL umbrella with Optoma providing specialist packaging services. The integration process is scheduled to be complete by early August producing a network of more than 130 appointed representative (AR) firms and over 200 mortgage advisers.
Ian Richardson, managing director of MBSL, said: "We did envisage a certain amount of consolidation in the sector - it's a normal thing. And we realised that if the right opportunity came along we'd discuss it.
"Looking at Interpartners we knew it had good quality people doing good levels of business. We had a good fit with Optoma - we're similar in the way we operate and it's been relatively easy to bring the two together."
Matthew Bright, managing director of Optoma Broker Solutions, said: "A number of packagers may have felt that security in their future would come from owning their distribution. Hence the strategy to set up a network.
"As the industry has developed and consolidated, the demands on Optoma's core proposition of mortgage processing and distribution has resulted in a decision to divest ourselves from the network."
Bill Warren, director of The Complete Network, felt the number of similar announcements was likely to rise throughout 2005. "I suspect that this is going to be one of many network mergers coming over the next few months," he said. "Consolidation has been talked about a lot recently and this is definitely the way the sector is going."
Interpartners is scheduled to hold its annual convention next week and both Richardson and Neil Armitage, development director of MBSL, will be there to explain the network's set-up and to detail the similarities and differences between the two operations.
Richardson said: "This is not to say that the differences are in any way disadvantageous for the Interpartner firms. Our terms are broadly similar. We're looking to show the brokers that the way they operate will not change."
Both MBSL and Optoma expressed how positive Interpartner's ARs had been about the arrangement. "We know of a few Interpartner AR firms who are aware of the situation - two firms in particular that are instrumental in the network have been very positive," said Richardson. "We both believe the ARs will be happy - there are no great changes for advisers or firms."
Bright said that Optoma's commitment would still be to the intermediary sector: "We're totally committed to servicing the intermediary market with exclusive products, second-to-none service, bespoke IT and payment exchange."
