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CIBC Innovation Banking Opens New Office in North Carolina, Bolsters Team in Northeast

August 25, 2022, 07:52 AM

CIBC Innovation Banking is expanding its presence in the Southeastern region of the U.S. through a new office in Durham, North Carolina.

Through its new 14th regional office, CIBC Innovation Banking will help support the growth ambitions of the hundreds of start ups and innovation companies emerging in the Research Triangle area by delivering its expertise in growth capital, advisory, and cash management.

Alan Spurgin, currently Managing Director & Co-Head, US Technology Banking at CIBC Innovation Banking, will lead the group’s expansion into North Carolina, which has seen entrepreneurs create new businesses at a torrid pace over the last few years – reinvigorating its status as a hub for innovation. Joining Alan in the new Durham office is Walt Sparks, who joins the CIBC Innovation Banking North American team as an Executive Director.

Sparks will focus on expanding the CIBC Innovation Banking team’s syndicated lending efforts and bring its comprehensive offerings and expertise to the start ups and entrepreneurs of the region and across the country. Walt brings nearly 10 years of experience in executing various syndicated structures for sponsor-backed companies ranging from early-stage venture capital to late-stage PE buyout. Prior to joining the Innovation Banking group, Sparks worked within PNC’s Technology Finance group focusing on recurring revenue lending to SaaS businesses across the globe.

Further bolstering its talent in the Northeastern region of the U.S., CIBC Innovation Banking has also brought on Andrew Phillips as a Managing Director based out of its Boston office.

Phillips brings nearly 20 years of experience in senior secured lending, with a history of banking software and technology businesses ranging in stage from high growth to public. He held various sponsor coverage and specialized lending roles of increasing responsibility at Wells Fargo Foothill/ Wells Fargo Capital Finance before joining CIBC Innovation Banking. Phillips has also supported various industry organizations, including serving as President of the Northeast Chapter of the Turnaround Management Association.

“We’re thrilled to be expanding our presence and growing our team with top talent in these key Eastern markets, well-known for their established start up ecosystems,” said Mark McQueen, President & Executive Managing Director at CIBC Innovation Banking. “As we look to bring the CIBC Innovation Banking brand and product suite to the Southeastern region and bolster our existing capabilities in the Northeast, Walt and Andrew’s combined experience and demonstrated know-how will be pivotal to our ecosystem as we look to help fuel the next wave of software, life sciences, healthcare and cleantech innovation companies.”

Durham, North Carolina marks the 14th office to open as the group continues its strategic growth in key technology, life science, and cleantech markets across North America, the UK, and select European markets.

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