ATB Financial, the largest financial institution headquartered in Western Canada, announced that they have entered into an agreement to acquire all of the outstanding shares of Cormark Securities Inc. (Cormark), a strong Canadian independent investment bank with offices in Toronto and Calgary.
Founded in 1981, Cormark is an established institutionally oriented industry leader recognized for its knowledge and commitment for mid-cap and emerging growth clients. It has participated in over 1,000 equity financings over the past decade, raising gross proceeds of more than $100 billion. Cormark provides investment banking, broad based equity research coverage and institutional sales and trading to clients in Canada and internationally. It has been ranked as a top five Canadian mid-market dealer by institutional investors for the last 10 years, as compiled by Brendan Wood International.
“Combining Cormark with our ATB Capital Markets business significantly broadens our collective breadth and depth to deliver deeper value to clients as a full-service capital markets firm,” says Darren Eurich, CEO of ATB Capital Markets. “Together, our complementary expertise expands our ability to serve clients in Canada and the US, attract exceptional talent and accelerate our growth strategy.”
The acquisition is expected to close in the fall pending customary closing conditions, including required regulatory approvals.
“Joining ATB Capital Markets marks an important milestone in Cormark’s evolution,” says Scott Lamacraft, Executive Chairman of Cormark. “We’re proud of our more than 40-year history and even more excited about where our combined business will take us. This partnership allows us to deliver greater solutions for our clients, expands opportunities for our team and positions the combined firm for accelerated growth.”
The ATB Capital Markets and Cormark firms will integrate their operations under ATB Capital Markets’ CEO, Darren Eurich. Cormark’s Scott Lamacraft and Susan Streeter will join as executive chair and head of strategy and growth respectively.
“As our clients across Canada navigate an increasingly complex economic landscape, the enhanced capabilities of the combined firm will contribute to a strong, competitive and client-focused capital markets industry that supports economic growth nationwide,” adds Curtis Stange, President & CEO of ATB Financial.
PricewaterhouseCoopers Corporate Finance Inc. is acting as exclusive financial advisor and Blake, Cassels & Graydon LLP is acting as legal counsel to ATB Financial. Borden Ladner Gervais LLP is serving as legal counsel to Cormark Securities Inc. while SHEUMACK GMA, along with its affiliate, SGMA Capital Markets Limited, is serving as Cormark’s exclusive financial advisor.
