CI Financial Corp. and Northwood Family Office Ltd., both based in Toronto, today announced an agreement for CI to acquire multi-family office Northwood.
Northwood manages the financial, investment and personal affairs of wealthy Canadian and global families. The company manages about $2.2 billion of investment assets and $9 billion of family net worth on behalf of clients who include entrepreneurs, senior corporate executives, charitable and family foundations and other ultra-high-net-worth individuals and families, the company says.
The transaction is expected to close in the second quarter of this year, subject to regulatory approval and other closing conditions. Financial terms were not disclosed.
“Northwood is a great complement to our Canadian CI Private Wealth business, and together they form a strong foundation for building the country’s leading high-net-worth and ultra-high-net-worth platform,” said Kurt MacAlpine, CI chief executive officer.
“CI is an exceptional strategic and cultural fit for our firm as we move to a new stage in Northwood’s growth and development,” said Tom McCullough, Northwood’s chairman and chief executive officer.
The acquisition is expected to increase wealth and asset management firm CI’s Canadian assets to about $81 billion and total assets globally to approximately $377 billion.
Blair Franklin Capital Partners Inc. served as financial advisor to Northwood. Torkin Manes LLP served as legal advisor to Northwood and its shareholders. CI’s legal advisor was Blake, Cassels & Graydon LLP.
More to follow.
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