Canadian investment banking and financial services company Canaccord Genuity is buying out Sawaya Partners, the mergers and acquisitions firm based out of the U.S. The acquiring of the consumer-focused M&A firm is to expand the capabilities in deal-making for Canaccord.
The managing partner and founder of Sawaya Partners, Fuad Sawaya, will become the global consumer investment banking head of Canaccord. The terms of the financial transaction have not been disclosed by Canaccord, based out of Vancouver but operating from Toronto.
As per Bloomberg News, Canaccord Group is looking towards strengthening its consumer practices with the addition of Sawaya Partners to its group. Sawaya has many prestigious clients, including Prestige Consumer Healthcare, Jack Link’s, and Johnson and Johnson. Canaccord said that its U.S. capital market division had completed 500 plus transactions since the 2019 expansion in a separate memo.
In the memo, President Jeff Barlow and the CEO Dan Daviau said that the development to acquire Sawaya underscores Canaccord’s commitment to expanding their capabilities in advisory services and, at the same time, going deeper into the core Capital markets expertise and targeting client base for more assistance.
After the acquisition by Canaccord, the other partners of Sawaya, Slava Leykind, and Jeff Kuhr, will take new roles. Both will become Co-heads of the Consumer investment banking group in the U.S. The Sawaya Partners’ existing employees will be absorbed and continue to work with the Capital markets business of Canaccord, as per a statement from the company. According to a memo from Canaccord Genuity Inc., the M&A transaction is expected to close by the end of the month.
