PRESS RELEASE: Urbana backs CI Capital Markets
Andrew Willis, Globe and Mail
Tom Caldwell’s company puts $5-million into employee buyout.
After a string of winning bets on stock exchanges, Urbana Corp. is putting its chips behind investment dealers by committing $5-million to the employee buyout of CI Capital Markets.
Urbana (URB.A-T), a holding company created by Toronto-based brokerage executive Thomas Caldwell, typically backs financial services plays. It has enjoyed enormous success buying stakes in privately owned stock exchanges, then sticking around for the transformation into either public companies or consolidation plays.
CI Capital Markets is the former corporate finance and institutional sales, trading and research division of Blackmont Capital Inc., which was spun off by money manager CI Financial Corp. (CIX-T) at the beginning of the year. The retail arm of this firm, and the Blackmont name, were acquired late last year by Macquarie Group.
“We view this investment as an opportunity to expand Urbana’s portfolio of investments in the financial services sector,” said Mr. Caldwell, Urbana’s president, in a news release.
“We believe that Urbana’s financial strength and financial sector expertise will provide us with a significant strategic advantage going forward,” said Jeff White, chief executive officer at CI Capital Markets.