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Canaccord Genuity

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Canaccord Genuity Group Inc.
Company typePublic
TSX: CF
IndustryFinancial services
Founded1950 (1950)[1]
FounderPeter Brown[2]
Headquarters
Vancouver
,
Canada
Area served
North America, UK & Europe, Asia and Australia[3]
Key people
Daniel Daviau (Chief executive officer)
ServicesInvestment banking
Private banking
Wealth management
RevenueDecrease C$1.5 billion (2024)[4]
Increase C$30 million (2024)[4]
AUMIncrease C$103.9 billion (2024)[4]
Total assetsDecrease C$6.1 billion (2024)[4]
Total equityDecrease C$1.0 billion (2024)[4]
Number of employees
2,798 (2024)[4]
Divisions
  • Wealth Management
  • Global Capital Markets
Websitecgf.com

Canaccord Genuity Group Inc. is an investment banking and financial services company that specializes in wealth management and brokerage in capital markets. It is the largest independent investment dealer in Canada.[5] The firm focuses on growth companies, with operations in 10 countries. Canaccord Genuity, the international capital markets division, is based in Canada, with offices in the US, the UK, France, Germany, Ireland, Hong Kong, China, Singapore, Dubai, Australia, Barbados, and The Bahamas.[6][7]

Canaccord Genuity provides mergers and acquisitions, corporate finance, restructuring, debt advisory, and strategic advice for corporate, government, and private-equity clients. The firm's practice areas include aerospace and defense, agriculture, clean technology and sustainability, consumer and retail, energy, financials, health care and life sciences, infrastructure, leisure, media and telecommunications, metals and mining, real estate and hospitality, technology, transportation, and private equity.

History

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1950 Hemsworth, Turton & Co. Founded

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The company was established in 1950 as Hemsworth, Turton & Co., a Western Canadian venture capital firm.[8]

IPO, M&A, and 2009 rebranding

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In 2004, Canaccord Capital went public on the Toronto Stock Exchange with an IPO price of $10.25 and an estimated valuation of $70 million.[1]

In 2006, Canaccord Capital acquired Adams, Harkness & Hill Financial Group Inc., a Boston-based broker-dealer. The firm's global capital markets division was rebranded as Canaccord Adams.[9]

In 2009, Canaccord Capital was renamed Canaccord Financial. Canaccord Financial acquired Genuity Capital Markets in 2010,[10] in a cash and share deal worth about $286 million.[11] Genuity Capital Markets, founded in 2005, had 135 employees with offices in Canada and the U.S.[11]

UK Expansion through Acquisition

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In 2012, Canaccord Financial acquired Collins Stewart Hawkpoint for $400m acquiring "an independent financial advisory firm with research, trading and wealth management operations."[12][13][14]

Canaccord Tower in downtown Vancouver

In 2012, Canaccord Financial acquired Eden Financial, a London-based wealth management business for private client investment management.[15]

2013 Canaccord Financial rebranded its global wealth management division to Canaccord Genuity Wealth Management.[16][17][18] and acquired Hargreave Hale Ltd the next year.[19] It acquired Petsky Prunier[20] and Patersons Securities Limited in 2019.[21]

In 2021 Canaccord Genuity acquired the investment management business of Adam & Company[22] from the Royal Bank of Scotland for $94.9 million.

In 2021 Canaccord Genuity acquired Sawaya Partners[23] a New York City-based boutique investment bank specializing in consumer and retail. In 2022, Canaccord Genuity acquired Punter Southall Wealth Limited [24]

Business divisions

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The two units of Canaccord Genuity are wealth management and global capital markets, serving corporate and institutional clients.[1]

Canaccord Genuity Wealth Management

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Canaccord Genuity Wealth Management's total client assets amounted to $96.2 billion in Canada, the UK & Europe, and Australia on March 31, 2023.[25] In April 2016, Canaccord Genuity Wealth Management announced a strategic partnership with Credit Suisse Asset Management (CSAM).[26]

Transactions History

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Transactions have included advising Amaya Gaming Group in its $4.9 billion acquisition of PokerStars and Full Tilt Poker, advising Yamana Gold's $3.9 billion joint acquisition with Agnico Eagle of Osisko Mining, advising Primaris REIT's hostile defense and $5.0 billion sale to H&R REIT and KingSett Capital led consortium, advising Viterra's $6.1 billion sale to Glencore,[27] and advising the $2.2 billion cross-border sale of Daylight Energy to Sinopec, a unit of China Petrochemical Corp.[28] It has also advised on GLENTEL's $670 million sale to Bell Canada in 2014, and the sale of Canada Goose to Bain Capital. In 2012, it advised on Extorre Gold Mines' $404 million sale to Yamana Gold.[29]

In 2013, the Canaccord Genuity team put together a consortium of major investors, including Schroders and Threadneedle Investments, in participating in a takeover bid proposal for 316 bank branches of the Royal Bank of Scotland (RBS). Two buyout firms, Apollo Management and JC Flowers, also submitted a joint offer. In 2011, the firm advised the $3.2 billion sale of Converteam from Barclays Private Equity and LBO France to General Electric, growing the GE Power Conversion business.[30] In the same year, Canaccord Genuity also advised the Bank of Ireland on the disposal of a c.£1.3bn UK commercial real-estate loan book to California-based Kennedy Wilson and institutional partners for consideration of c.£1.07bn, over 80% of par value despite both the poor UK commercial real estate and lending market conditions at the time.[31]

As for restructuring mandates, Canaccord Genuity advised Yellow Media on its $2.7 billion debt recapitalization in 2012.[32]

Leadership

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Dan Daviau serves as CEO and Chair of the Board since June 2024.[33]

References

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  1. ^ a b c Stueck, Wendy (22 April 2018). "Acquisitive Canaccord on prowl for new brokers". Vancouver: The Globe and Mail. Globe and Mail. Retrieved 13 September 2019.
  2. ^ Alexander, Doug (28 March 2012). "Canaccord founder Peter Brown to step down". Financial Post. Postmedia Network Inc. Retrieved 13 September 2019.
  3. ^ Driven by Partnership Fiscal 2023 Annual Report
  4. ^ a b c d e f "Canaccord Genuity Fiscal 2024 Annual Report" (PDF).
  5. ^ Humphreys, Tommy (19 April 2013). "Canaccord Financial CEO Paul Reynolds on the future of his firm and Canada's natural resources sector". Canada: CEO.CA. CEO.CA. Retrieved 27 March 2015.
  6. ^ "Bivinteractive". Bivinteractive.com. Archived from the original on 2012-02-26. Retrieved 2015-03-27.{{cite web}}: CS1 maint: unfit URL (link)
  7. ^ "Canaccord Genuity Inc.: Private Company Information - Businessweek". Businessweek.com. Archived from the original on October 14, 2008. Retrieved 2015-03-27.
  8. ^ "Acquisitive Canaccord on prowl for new brokers". The Globe and Mail. 8 August 2005. Retrieved 2016-01-28.
  9. ^ "Canaccord closes acquisition of Adams Harkness". Investment Executive. 2006-01-03. Retrieved 2020-09-22.
  10. ^ Rocha, Euan (2010-03-04). "Canaccord to acquire Genuity, expand advisory arm". Reuters. Retrieved 2020-10-07.
  11. ^ a b Lam, Eric (4 March 2010). "Canaccord Financial to buy Genuity for $286 mln". Toronto: National Post. Postmedia Network Inc. Retrieved 27 March 2015.
  12. ^ Shecter, Barbara (15 December 2011). "Canaccord clinches U.K. expansion with $400-million deal". Canada: Financial Post. Postmedia Network Inc. Retrieved 13 September 2019.
  13. ^ Dunkley, Jamie (15 December 2011). "Collins Stewart takeover points way to the future for broking". London: The Telegraph. Telegraph Media Group Limited. Retrieved 13 September 2019.
  14. ^ "Canaccord buys UK based financial service firm Collins Stewart Hawkpoint". Investment Executive. 2011-12-15. Retrieved 2020-10-07.
  15. ^ Shecter, Barbara; Critchley, Barry (24 September 2012). "Canaccord Financial to close 16 branches". Canada: Financial Post. Postmedia Network Inc. Retrieved 13 September 2019.
  16. ^ "Canaccord rebrands wealth management". Investment Executive. 2013-05-01. Retrieved 2020-10-07.
  17. ^ Trudeau, Michael (1 May 2013). "Collins Stewart, Eden rebranded under Canaccord umbrella". No. Companies. United Kingdom: FTAdviser.com. Nikkei. Retrieved 19 September 2019.
  18. ^ "Canaccord Financial renamed Canaccord Genuity Group". Investment Executive. 2013-10-01. Retrieved 2020-10-07.
  19. ^ Murphy, Hannah (2017-07-05). "Canaccord Genuity beefs up in wealth management". Financial Times. Retrieved 2020-10-07.
  20. ^ "February M&A buyers: Canaccord Genuity, Cisco, Platinum Equity". Mergers & Acquisitions. 2019-03-11. Retrieved 2020-10-07.
  21. ^ "Canaccord Genuity, Patersons Securities confirm merger talks". Australian Financial Review. 2019-06-10. Retrieved 2020-10-07.
  22. ^ "Canaccord Genuity UK acquires Adam & Company for £54 million". Insider UK. 2021-04-15. Retrieved 2022-07-07.
  23. ^ "Canaccord expanding U.S. capital markets biz with Sawaya buy". Investment Executive. 2021-12-21. Retrieved 2022-07-07.
  24. ^ "Adam & Co strengthened by parent's latest acquisition". Insider UK. 2022-06-02. Retrieved 2022-07-07.
  25. ^ "CANACCORD GENUITY GROUP INC. REPORTS FOURTH QUARTER AND FISCAL 2023 RESULTS". Canaccord Genuity. 2023-06-16. Retrieved 2023-07-05.
  26. ^ "Canaccord Genuity Wealth Management (Canada) and Credit Suisse Asset Management announce an exclusive strategic partnership". Retrieved April 4, 2016.
  27. ^ Hasselback, Drew (31 January 2013). "Viterra's sale to Glencore involved a lot of moving parts". Canada: Financial Post. Postmedia Network Inc. Retrieved 27 March 2015.
  28. ^ Krauskopf, Lewis; Xu, Wan (10 October 2011). "Sinopec to buy Canada's Daylight Energy for $2.2-billion". No. Energy and Resources. New York, N.Y., United States: The Globe and Mail. Globe and Mail Inc. Retrieved 27 March 2015.
  29. ^ Hill, Liezel (18 June 2012). "Yamana Gold to Buy Extorre for $404 Million to Add Mine". No. Deals. Bloomberg News. Bloomberg L.P. Retrieved 6 May 2015.
  30. ^ Layne, Rachel (29 March 2011). "General Electric Agrees to Buy Converteam for $3.2 Billion". No. Deals. Bloomberg News. Bloomberg L.P. Retrieved 27 March 2015.
  31. ^ Rocha, Euan (2010-03-04). "Canaccord to acquire Genuity, expand advisory arm". Reuters. Retrieved 2020-09-30.
  32. ^ "Yellow Media Inc. Announces Recapitalization Transaction" (PDF). Corporate.yp.ca. Archived from the original (PDF) on 2015-04-02. Retrieved 2015-03-27.
  33. ^ "Canaccord to Appoint CEO Dan Daviau as Chair in Board Overhaul". www.bloomberg.com. Retrieved 2024-06-17.
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