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article imageCIBC acquires Wellington Financial to grow tech business

By Karen Graham     Jan 8, 2018 in Business
Toronto - CIBC has signed a deal to acquire Wellington Financial as part of its plan to grow its business in the fast-moving technology sector. The specialty finance firm will become part of CIBC Innovation Banking, a new business for the big bank.
Wellington Financial is a privately-held provider of growth capital to the innovation economy that Clairvest Group Inc. launched with Mark McQueen, Wellington’s President & CEO, in 2000. Since that time, Wellington has become a leader in its sector across five institutionally-backed funds, according to a press release.
Based in Toronto with offices in New York and California, as part of CIBC Innovation Banking, Wellington will be focused on providing strategic advice and funding to technology sector clients. Mr. McQueen will become president and executive managing director of CIBC Innovation Banking.
“Our partnership with Mark McQueen and his team has exceeded our hopes. We have built a great business for our institutional investors as well as our team while delivering true value to our portfolio companies. It has been a privilege to be affiliated with the Wellington team and their success,” said Ken Rotman, CEO of Clairvest.
In a separate press release today, CIBC announced the formation of CIBC Innovation Banking. The new company will focus on providing advice and funding to North American technology and innovation clients at each stage of their business cycle, from startup to IPO and beyond.
"Developing, growing and implementing new technology is critical to driving the innovation economy. At CIBC, we are embracing the opportunity to help early and mid-stage technology companies compete and accelerate growth in this fast-evolving and growing sector," said Roman Dubczak, Managing Director and Head, Global Investment Banking, CIBC.
Jon Hountalas, the Senior Executive Vice-President, and Group Head, Canadian Commercial Banking and Wealth Management, CIBC, said, "We have a well-established and highly connected CIBC Innovation Banking team that spans across our bank, including our U.S. Commercial Banking team in Chicago, and specializes in servicing clients in this important sector on both sides of the border."
More about CIBC, Wellington Financial, Clairvest, CIBC Innovation Banking, technology sector