Toronto-based Canaccord Genuity Group Inc. announced on Wednesday that it has acquired New York–based Petsky Prunier, a mergers and acquisitions advisory firm.
The acquisition represents Canaccord Genuity’s commitment to add scale to its fixed cost base in the U.S. and diversify its revenue streams, the firm says in a statement.
Founded in 1999, Petsky Prunier’s investment banking practice focuses on mid-market technology, media, marketing, information and services, and healthcare industries.
With the acquisition, clients will benefit from “our significantly enhanced advisory capability and reach,” Jeff Barlow, president, Canaccord Genuity LLC, says in a statement.
Agreement terms can be found in the company’s news release.
Canaccord also released its earnings for the third quarter of fiscal 2019, ended Dec. 31, 2018. The company generated $331.6 million in revenue, up 7.2% from the third quarter of 2017, and recorded net income of $32.5 million or net income attributable to common shareholders of $30.1 million (earnings per share of $0.25).