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Stifel Financial Acquires North Atlantic Capital’s Future Venture Investment Business

February 22, 2021, 07:10 AM
Filed Under: Private Equity News

Stifel Financial announced an agreement to acquire the future business of North Atlantic Capital Corporation, based in Portland, Maine. The acquisition further positions Stifel as an active manager of small business investment corporations (“SBIC”) and of venture capital (“VC”) funds. In addition to the acquisition, Stifel has made a financial commitment to invest in the next North Atlantic SBIC. North Atlantic has been re-branded North Atlantic Capital – a Stifel Company.

The transaction brings together two very complimentary businesses. The North Atlantic investment strategy, which is focused on high growth technology companies, aligns well with Stifel’s nationally recognized expertise in institutional research and investment banking services. North Atlantic portfolio companies will now have ready access to the substantial array of Stifel resources to support their growth and success.

“We are pleased to find a partner with a strong investment track record and an experienced team that fits well in our culture,” said Victor Nesi, Stifel Financial Co-President and Head of the Stifel Institutional Group. “Our plan is to leverage North Atlantic’s deep understanding of the venture capital markets to help us build out a robust services offering for privately held, high-growth technology businesses.”

“The venture capital markets have evolved significantly in size and sophistication over the 35 years since North Atlantic was formed in 1986,” commented David Coit, North Atlantic Co-Founder and Managing Director. “North Atlantic has been an early adopter of industry innovations, including our current structured capital, combining elements of long term debt and equity instruments tailored to meet our portfolio companies’ needs. We look forward to leveraging Stifel resources to identify new and creative approaches to supporting growth technology companies in the future.”

North Atlantic Managing Director Mark J. Morrissette added, “Stifel brings a wealth of resources to support the future growth of North Atlantic. By leveraging Stifel’s strengths in investment banking, institutional research, and venture lending, we see a significant opportunity to bolster North Atlantic’s competitive position in the venture capital marketplace.”

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