Courtesy / North Atlantic Capital
Mark Morrissette, North Atlantic Capital Corp. managing director
February 22, 2021
Portland venture capital firm acquired by Midwest financial services company
By William Hall
A $3.5 billion St. Louis financial services company has purchased North Atlantic Capital Corp., a Portland-based venture capital management firm, for an undisclosed price.
In a news release Friday announcing the acquisition, Stifel Financial Corp. (NYSE: SF) also said it will invest in an upcoming North Atlantic small business investment corporation and will rebrand the firm as North Atlantic Capital, a Stifel Company.
A Stifel spokesman would not disclose further details but told Mainebiz that North Atlantic management will remain intact and will join Stifel.
North Atlantic Managing Director Mark J. Morrissette said in the release, “Stifel brings a wealth of resources to support the future growth of North Atlantic. By leveraging Stifel’s strengths in investment banking, institutional research, and venture lending, we see a significant opportunity to bolster North Atlantic’s competitive position in the venture capital marketplace.”
Victor Nesi, Stifel Financial co-president and head of the Stifel Institutional Group, added, “We are pleased to find a partner with a strong investment track record and an experienced team that fits well in our culture. Our plan is to leverage North Atlantic’s deep understanding of the venture capital markets to help us build out a robust services offering for privately held, high-growth technology businesses.”
North Atlantic works primarily with VC-backed companies that have $10 million or more in annual revenues. The firm makes initial investments of $5 million to $10 million, often as debt that is subordinated to working capital loans. Since it was launched in 1986 by co-founder and Managing Director David Coit, North Atlantic has invested in over 100 companies throughout the U.S., including Portland-based WEX Inc. (NYSE: WEX) and IDEXX Laboratories (Nasdaq: IDXX), headquartered in Westbrook.
Stifel, which dates to 1890, provides a range of investment banking, securities, lending and trust services through its subsidiaries. The company reported 2019 revenue of $3.51 billion and had assets totaling $24.6 billion, according to its most recent annual report. Stifel is the sixth-largest investment firm in the country, based on numbers of financial advisors.
Most Recent
Most Recent
0 Comments