Headline News By Peter Tremblay 212 Views

CIBC purchases boutique firm Cleary Gull to expand footprint in the U.S.

Canadian Imperial Bank of Commerce (CIBC) would be expanding its deal-making capabilities in the U.S, by acquiring Milwaukee-based boutique investment banking firm Cleary Gull Inc. CIBC says the acquisition supports its continued growth in the United States.

According to a recent statement released by Toronto based CIBC, and quoted on Financial Post, Cleary Gull, was founded in 1987, and the firm specializes in mid-sized mergers and acquisitions, private capital placement and debt advisory across the U.S. The terms of the deal, have still not been disclosed but the deal is, however, expected to be closed in the fourth quarter.

“This specific acquisition is establishing a footprint for us in middle-market investment banking,” said Roman Dubczak, head of global investment banking, in a phone interview with the Financial Post. “They’re a seasoned group and good people — and we thought the cultural fit was ideal.”

Since its acquisition of Chicago-based Private Bank two years ago, CIBC has been pushing for greater U.S. growth. They are also focusing on more cross-border integration in commercial banking, wealth management and capital markets. At the moment, the company has a U.S. capital markets presence in New York, Chicago and Houston.  According to Dubczak, the company was attracted to Cleary Gull’s focus on entrepreneurs and family-owned private companies, along with a “nice overlay” of industry expertise in manufacturing, business services, the consumer sector and technology in a firm of 23 bankers.

“With our focus on family and entrepreneur-owned business, as well as private equity firms, we are excited about the opportunities for our clients and our team as part of CIBC’s growing business in the U.S.,” Ronald Miller, Cleary Gull’s president, said in the statement.

Cleary Gull specializes in middle-market mergers and acquisitions, private capital placement and debt advisory services.

It can be recalled than in 2017, CIBC announced that it has completed the acquisition of Chicago-based PrivateBancorp, Inc. and its subsidiary, The PrivateBank.

"Today marks an exciting new chapter for both CIBC and The PrivateBank," Victor Dodig, President and CEO, CIBC had said, as reported on Newswire. "By combining the resources, capabilities and the talented teams of our two organizations, we are creating a strong cross-border platform for CIBC to serve a broader range of clients and deliver growth to our shareholders. We are delighted to welcome The PrivateBank's 1,300 team members to the CIBC family. Our shared passion and commitment to fostering a client-first culture will serve us well as we work to build integrated U.S. businesses and establish CIBC as a strong, innovative relationship-oriented North American bank."  

CIBC is a leading Canadian-based global financial institution with 11 million personal banking, business, public sector and institutional clients. Across Personal and Small Business Banking, Commercial Banking and Wealth Management, and Capital Markets businesses, CIBC offers a full range of advice, solutions and services through its leading digital banking network, and locations across Canada, in the United States and around the world. More news on the company can be found on its official website.