Canaccord Genuity

History

1950 Hemsworth, Turton & Co. Founded

The company was established in 1950 as Hemsworth, Turton & Co., a Western Canadian venture capital firm.

IPO, M&A, and 2009 rebranding

In 2004, Canaccord Capital went public on the Toronto Stock Exchange with an IPO price of $10.25 and an estimated valuation of $70 million.

In 2006, Canaccord Capital acquired Adams, Harkness & Hill Financial Group Inc., a Boston-based broker-dealer. The firm's global capital markets division was rebranded as Canaccord Adams.

In 2009, Canaccord Capital was renamed Canaccord Financial. Canaccord Financial acquired Genuity Capital Markets in 2010, in a cash and share deal worth about $286 million. Genuity Capital Markets, founded in 2005, had 135 employees with offices in Canada and the U.S.

UK Expansion through Acquisition

In 2012, Canaccord Financial acquired Collins Stewart Hawkpoint for $400m acquiring "an independent financial advisory firm with research, trading and wealth management operations."

In 2012, Canaccord Financial acquired Eden Financial, a London-based wealth management business for private client investment management.

2013 Canaccord Financial rebranded its global wealth management division to Canaccord Genuity Wealth Management. and acquired Hargreave Hale Ltd the next year. It acquired Petsky Prunier and Patersons Securities Limited in 2019.

In 2021 Canaccord Genuity acquired the investment management business of Adam & Company from the Royal Bank of Scotland for $94.9 million.

In 2021 Canaccord Genuity acquired Sawaya Partners a New York City-based boutique investment bank specializing in consumer and retail. In 2022, Canaccord Genuity acquired Punter Southall Wealth Limited

Business divisions

The two units of Canaccord Genuity are wealth management and global capital markets, serving corporate and institutional clients.

Canaccord Genuity Wealth Management

Canaccord Genuity Wealth Management's total client assets amounted to $96.2 billion in Canada, the UK & Europe, and Australia on March 31, 2023. In April 2016, Canaccord Genuity Wealth Management announced a strategic partnership with Credit Suisse Asset Management (CSAM).

Transactions History

Transactions have included advising Amaya Gaming Group in its $4.9 billion acquisition of PokerStars and Full Tilt Poker, advising Yamana Gold's $3.9 billion joint acquisition with Agnico Eagle of Osisko Mining, advising Primaris REIT's hostile defense and $5.0 billion sale to H&R REIT and KingSett Capital led consortium, advising Viterra's $6.1 billion sale to Glencore, and advising the $2.2 billion cross-border sale of Daylight Energy to Sinopec, a unit of China Petrochemical Corp. It has also advised on GLENTEL's $670 million sale to Bell Canada in 2014, and the sale of Canada Goose to Bain Capital. In 2012, it advised on Extorre Gold Mines' $404 million sale to Yamana Gold.

In 2013, the Canaccord Genuity team put together a consortium of major investors, including Schroders and Threadneedle Investments, in participating in a takeover bid proposal for 316 bank branches of the Royal Bank of Scotland (RBS). Two buyout firms, Apollo Management and JC Flowers, also submitted a joint offer. In 2011, the firm advised the $3.2 billion sale of Converteam from Barclays Private Equity and LBO France to General Electric, growing the GE Power Conversion business. In the same year, Canaccord Genuity also advised the Bank of Ireland on the disposal of a c.£1.3bn UK commercial real-estate loan book to California-based Kennedy Wilson and institutional partners for consideration of c.£1.07bn, over 80% of par value despite both the poor UK commercial real estate and lending market conditions at the time. In 2025, Canaccord advised dentalcorp on its C$3.2 billion acquisition by American private equity firm GTCR.

As for restructuring mandates, Canaccord Genuity advised Yellow Media on its $2.7 billion debt recapitalization in 2012.

Leadership

Dan Daviau is CEO and chairman since June 2024.

References

References

1. (28 March 2012). "Canaccord founder Peter Brown to step down". Financial Post.
2. [https://www.canaccordgenuity.com/49efb8/globalassets/investor-relations/documents/financial-reports-en/2023/q4/annual-report-2023/ Driven by Partnership Fiscal 2023 Annual Report]
3. "Canaccord Genuity Fiscal 2024 Annual Report".
4. (19 April 2013). "Canaccord Financial CEO Paul Reynolds on the future of his firm and Canada's natural resources sector". CEO.CA.
5. "Bivinteractive". Bivinteractive.com.
6. "Canaccord Genuity Inc.: Private Company Information - Businessweek". Businessweek.com.
7. (8 August 2005). "Acquisitive Canaccord on prowl for new brokers".
8. (2006-01-03). "Canaccord closes acquisition of Adams Harkness".
9. Rocha, Euan. (2010-03-04). "Canaccord to acquire Genuity, expand advisory arm". Reuters.
10. (4 March 2010). "Canaccord Financial to buy Genuity for $286 mln". National Post.
11. (15 December 2011). "Canaccord clinches U.K. expansion with $400-million deal". Financial Post.
12. (15 December 2011). "Collins Stewart takeover points way to the future for broking". The Telegraph.
13. (2011-12-15). "Canaccord buys UK based financial service firm Collins Stewart Hawkpoint".
14. (24 September 2012). "Canaccord Financial to close 16 branches". Financial Post.
15. (2013-05-01). "Canaccord rebrands wealth management".
16. (1 May 2013). "Collins Stewart, Eden rebranded under Canaccord umbrella". FTAdviser.com.
17. (2013-10-01). "Canaccord Financial renamed Canaccord Genuity Group".
18. Murphy, Hannah. (2017-07-05). "Canaccord Genuity beefs up in wealth management".
19. (2019-03-11). "February M&A buyers: Canaccord Genuity, Cisco, Platinum Equity".
20. (2019-06-10). "Canaccord Genuity, Patersons Securities confirm merger talks".
21. (2021-04-15). "Canaccord Genuity UK acquires Adam & Company for £54 million".
22. (2021-12-21). "Canaccord expanding U.S. capital markets biz with Sawaya buy".
23. (2022-06-02). "Adam & Co strengthened by parent's latest acquisition".
24. (2023-06-16). "CANACCORD GENUITY GROUP INC. REPORTS FOURTH QUARTER AND FISCAL 2023 RESULTS".
25. "Canaccord Genuity Wealth Management (Canada) and Credit Suisse Asset Management announce an exclusive strategic partnership".
26. (31 January 2013). "Viterra's sale to Glencore involved a lot of moving parts". Financial Post.
27. (10 October 2011). "Sinopec to buy Canada's Daylight Energy for $2.2-billion". The Globe and Mail.
28. (18 June 2012). "Yamana Gold to Buy Extorre for $404 Million to Add Mine". Bloomberg News.
29. (29 March 2011). "General Electric Agrees to Buy Converteam for $3.2 Billion". Bloomberg News.
30. Rocha, Euan. (2010-03-04). "Canaccord to acquire Genuity, expand advisory arm". Reuters.
31. "Yellow Media Inc. Announces Recapitalization Transaction". Corporate.yp.ca.
32. "Canaccord to Appoint CEO Dan Daviau as Chair in Board Overhaul".