CI Financial Expands Exposure to Family Offices by Acquiring Northwood
Posted on 01/12/2022
CI Financial Corporation (CI) (TSX: CIX; NYSE: CIXX) signed a deal to acquire Toronto-based Northwood Family Office Ltd. Northwood manages and co-ordinates the integrated financial, investment and personal affairs of wealthy Canadian and global families. The firm manages approximately $2.2 billion of investment assets and $9 billion of family net worth on behalf of clients who include entrepreneurs, senior corporate executives, charitable and family foundations, and other ultra-high-net-worth individuals and families. Founded in 2003 by Chairman and CEO Tom McCullough and President Scott Hayman, Northwood provides investment management and family office services.
Blair Franklin Capital Partners Inc. served as financial advisor to Northwood. Torkin Manes LLP served as legal advisor to Northwood and its shareholders. CI’s legal advisor was Blake, Cassels & Graydon LLP. This transaction is expected to close in the second quarter of this year, subject to regulatory approval and other customary closing conditions. Financial terms were not disclosed.