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Canaccord Financial Acquires Genuity

Canaccord Financial, a full-service financial services firm, has completed the acquisition of Genuity Capital Markets and certain of its affiliates, an independent advisory and restructuring firm in Canada.

The consideration for the acquisition of Genuity consisted of 26.5 million Canaccord common shares and $30m of cash. In addition, the vendors will receive up to $28m as a working capital adjustment subsequent to closing.

According to Canaccord, Genuity’s 10 largest partners have entered into employment, non-competition, non-solicitation and standstill agreements. Virtually all of the other Genuity partners became Canaccord Genuity employees on closing.

Canaccord appointed David Kassie and Philip Evershed, two nominees of the existing Genuity partnership, to its board of directors. Mr Kassie was also appointed to serve as Canaccord’s group chairman, while Peter Brown will serve as chairman and founder. The chief officers of Canaccord

Financial remain the same, with Paul Reynolds, Mark Maybank and Brad Kotush continuing as president and CEO, COO, and CFO, respectively.

Paul Reynolds, president and CEO of Canaccord Financial, said: “This acquisition is a significant milestone in Canaccord’s evolution. It solidifies our market position in Canada and provides a stronger base for our continued expansion. Our capital markets businesses will be fully integrated beginning May 10, 2010.

“Combined, Canaccord Genuity will be the gold standard independent investment bank, one that is expansive in resources and reach, but targeted in industry expertise, market focus and individual client attention.”