Canaccord Genuity Acquires Renewable Energy Advisory Business

Investment bank Canaccord Genuity has acquired Carbon Reduction Capital’s investment banking business (CRC-IB), which adds a U.S.-based advisory firm focused on renewable energy to its existing capital markets operations.

CRC-IB focuses on mergers and acquisitions, project finance and capital raising across renewable and energy transition markets. Clients of the group operate within the wind, solar, energy storage, carbon capture and related segments. Since its founding in 2008, the CRC-IB team has closed about 415 transactions with a combined value of approximately $91 billion.

As part of the transaction, CRC-IB partners Conor McKenna, Nick Knapp, Britta von Oesen and Gary Durden will serve as co-heads of Canaccord Genuity’s newly formed Energy Transformation group within its U.S. Sustainability – Energy and Industrial Transformation investment banking platform. The group will provide M&A, project finance, capital raising and advisory services to public and private companies and financial sponsors across renewable energy, commercial and industrial markets.

“Our acquisition of CRC-IB builds on the strong momentum within our advisory franchise and reinforces our strategy of focusing on our core strengths, anchored in advisory and capital raising across high-growth sectors,” said Jeff Barlow, chief executive of Canaccord Genuity (U.S.). “It also accelerates our sustainability ambitions by leveraging deep sector expertise and unlocking new opportunities to increase our market share in the U.S. and globally.”

Canaccord Genuity (TSX: CF) is an independent, full service financial services firm, with operations in two principal segments of the securities industry: wealth management and capital markets. The firm’s capital markets division offers institutional and corporate clients investment banking, merger and acquisition, research, sales and trading services from offices across North America, the United Kingdom, Europe, Asia and Australia, with sector coverage in healthcare, technology, consumer and industrials. Canaccord Genuity was founded in 1950 and is headquartered in Toronto.

“Joining Canaccord Genuity marks a significant milestone for CRC-IB, enhancing our ability to serve a growing base of domestic and international clients through a fully independent structure with international reach, allowing us to deliver expanded opportunities for our clients,” said Conor McKenna, partner and senior managing director of CRC-IB. “Equally important, both organizations share a strong cultural alignment and a complementary vision for long-term growth.”

Solomon Partners and Keefe, Bruyette & Woods were the financial advisors to CRC-IB.