100 per cent ownership will enhance partnership between capital markets
and full service brokerage
TORONTO, Aug. 20 /CNW/ - Wellington West Holdings Inc., a privately held,
employee-owned financial services firm, today announced its intention to
acquire the remaining 50 per cent ownership stake in Wellington West Capital
Markets Inc. Wellington West Holdings Inc. previously acquired its existing 50
per cent stake in Wellington West Capital Markets in February 2005.
The acquisition is subject to customary closing conditions and is
expected to be completed shortly, pending approval by Canadian regulatory
authorities. The conditions include the entire purchase price being paid in
shares of Wellington West Holdings Inc. and the execution of long term
agreements with all the principals of Wellington West Capital Markets.
"The partnership between our capital markets group and our full service
brokerage works extremely well," said Kish Kapoor, president of Wellington
West Holdings Inc. "Consolidation of the ownership structure is the next
logical step to ensure we unlock the full potential of the combined expertise
in our capital market and retail operations."
Wellington West Capital Markets is based in Toronto. The team has grown
to 22 professionals and 23 supporting employees and achieved revenue growth in
excess of 100 per cent annually since the initial partnership was formed with
Wellington West in 2005. The Financial Post/Starmine Top Analyst Awards
recently ranked Wellington West Capital Markets as No. 2 among independent
investment dealers with five additional awards for analyst coverage in
specific sector categories.
"Our Capital Markets team is a juggernaut," said Charlie Spiring, CEO,
Wellington West Holdings Inc. "We are thrilled to further solidify our
partnership. The quality of deals and the industry recognition that our
Capital Markets division earns is phenomenal. They are an important
contributor to Wellington West's overall success in terms of brand recognition
and financial results."
"The growth we have experienced over the past two years demonstrates the
attraction of Wellington West with our institutional and corporate issuer
clients," said Greg Thompson, president, Wellington West Capital Markets Inc.
"As part of Wellington West, we continue to recruit top talent from our larger
competitors which just adds to the depth and breadth of our expertise."
About Wellington West
Wellington West is a full-service independent investment dealer
specializing in family wealth management and capital markets services to
institutions and corporate issuers in certain niche markets. With more than
500 employees across Canada, Wellington West provides investment management,
financial planning, insurance, asset management and capital markets services.
Wellington West is an employee-owned company. Founded in 1993 and based in
Winnipeg, Wellington West has become one of the fastest-growing independent
full-service investment firms in Canada, with more than $9.4 billion in assets
under management. Among its many corporate achievements, Wellington West was
named the No. 1 Best Employer in Canada in 2007, one of Canada's Fastest
Growing Companies in 2007 and one of Canada's 50 Best Managed Companies for
2006. In addition, Wellington West retained its No. 1 ranking for a record
fourth consecutive year in the 2007 Brokerage Report Card survey and was named
No. 2 Independent Investment Dealer in the 2006 Financial Post/Starmine Top
Analyst Awards, along with No. 1 analyst ranking in Oil, Gas and Consumable
Fuels, No. 1 in Business Trusts and No. 2 in IT Equipment in the top earnings
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