Press release from CNW Group
CIBC to acquire U.S. energy advisory firm Griffis & Small, LLC
Thursday, August 30, 2012
CIBC to acquire U.S. energy advisory firm Griffis & Small, LLC05:29 EDT Thursday, August 30, 2012TORONTO and HOUSTON, Aug. 30, 2012 /CNW/ - CIBC (TSX: CM) (NYSE: CM) announced today that it has reached an agreement to acquire Griffis & Small, LLC, a Houston-based energy advisory firm specializing in acquisitions and divestitures (A&D) in the exploration and production (E&P) sector. Terms were not disclosed.The transaction, expected to close in the fourth quarter, supports CIBC's strategy of targeted growth in businesses and geographies where it has strong existing client relationships and capabilities. The acquisition will also create opportunities to serve new and existing Wholesale Banking clients in the U.S., and complements our energy-focused teams in Calgary, the U.K. and Asia. At the same time, it will provide Griffis & Small's clients with access to the same outstanding team they work with today, backed by a broader range of investment banking, corporate lending and capital markets services from CIBC."This acquisition will strategically expand our advisory capabilities and U.S. footprint," said Geoff Belsher, Managing Director and Group Co-Head of Wholesale Banking at CIBC. "It also complements our oil and gas activities globally including in Calgary where we provide full-service advisory and financing solutions to energy companies. The acquisition is well-aligned to our overall corporate strategy and will enable us to add further value to our clients in a region and industry that we know well."The business will operate under the name CIBC Griffis & Small and will be led by the founding partners of Griffis & Small, LLC, Richard Griffis and Joe Small, who have joined CIBC as part of the transaction."CIBC's financial strength, combined with its M&A and capital markets advisory, corporate lending and capabilities in foreign exchange, fixed income, commodities, equities and research presents tremendous value to our clients," said Mr. Griffis. "We are excited about joining the exceptional team at CIBC and further building our client relationships."Griffis & Small has advised sellers and purchasers on over US$15 billion in transactions since its founding in 2002. The firm's team, including engineers and geologists, provide comprehensive technical advice and represent E&P companies and private equity firms in the sale of undeveloped and producing assets in the U.S.CIBC's wholesale banking business provides a range of integrated credit and capital markets products, investment banking, and merchant banking to clients in key financial markets in North America and around the world. We provide innovative capital solutions and advisory expertise across a wide range of industries as well as top-ranked research for our corporate, government and institutional clients.SOURCE: CIBCFor further information: Tom Wallis, Communications and Public Affairs at 416-980-4048, email@example.com.