CIBC has acquired the loan assets of Toronto-based Wellington Financial as it launches its Innovation Banking unit to assist North American tech firms.
Wellington is a privately-held growth capital fund which was launched in 2000 by Clairvest along with Wellington’s president and CEO Mark McQueen. It manages five institutionally-backed funds focused on innovation.
It provides venture loans to tech and life sciences firms in Canada and the US and was recently named one of the “Most Consistently Top Performing” debt fund managers by Preqin.
“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 the 18 years since we co-founded Wellington, we have watched with great pride as the team defined its market and took a leading role with outstanding metrics.”
CIBC focuses on innovation
CIBC Innovation Banking has been launched to support the growing innovation sector and will do so from startup to IPO and beyond.
"Developing, growing and implementing new technology is critical to driving the innovation economy,” said Roman Dubczak, Managing Director and Head, Global Investment Banking, 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.”
The new unit will be headed by Wellington Financial’s Mark McQueen as president and executive managing director, CIBC Innovation Banking.
"We are excited to join the team and look forward to continuing to serve the needs of entrepreneurs and venture capital funds with a broad range of capital solutions to grow their businesses and compete in a dynamic industry. CIBC represents the perfect partner for our team and the tech ecosystem as a whole," said McQueen.
More market talk: