Stifel Financial will acquire the future business of North Atlantic Capital, based in Portland, ME. In addition, Stifel made a financial commitment to invest in the next North Atlantic SBIC. North Atlantic was rebranded North Atlantic Capital – a Stifel Company.
The transaction brings together two businesses. The North Atlantic investment strategy, which is focused on technology companies, aligns with Stifel’s expertise in institutional research and investment banking services. North Atlantic portfolio companies will now have access to Stifel resources to support growth and success.
“We are pleased to find a partner with a strong investment track record and an experienced team that fits well in our culture,” Victor Nesi, co-president and head of the Stifel institutional group, said. “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.”
“The venture capital markets have evolved significantly in size and sophistication over the 35 years since North Atlantic was formed in 1986,” David Coit, co-founder and managing director of North Atlatic, said. “North Atlantic has been an early adopter of industry innovations, including our current structured capital, combining elements of long-term debt and equity instruments tailored to meet our portfolio companies’ needs. We look forward to leveraging Stifel resources to identify new and creative approaches to supporting growth technology companies in the future.”
“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,” Mark J. Morrissette, a managing director at North Atlantic, said.
Stifel Financial is a financial services holding company headquartered in St. Louis that conducts its banking, securities and financial services business through several wholly-owned subsidiaries.