CIBC is buying a Houston-based energy advisory firm, Griffis & Small, LLC, for an undisclosed price.
The business will operate under the name CIBC Griffis & Small and will be led by the firm’s founding partners, Richard Griffis and Joe Small, who have joined the bank as part of the transaction. The firm specializes in acquisitions and divestitures in the exploration and production sector, providing technical advice and representing companies and private equity firms in the sale of energy assets in the U.S.
The bank says that the transaction, which is expected to close in the fourth quarter, supports its strategy of targeted growth in businesses and geographies where it has strong existing client relationships and capabilities. It also says the deal will create opportunities to serve its wholesale banking clients in the U.S., and complements its energy-focused teams in Calgary, Britain and Asia.
“This acquisition will strategically expand our advisory capabilities and U.S. footprint,” said Geoff Belsher, managing director and co-head of wholesale banking at CIBC. “It also complements our oil and gas activities globally including in Calgary where we provide full-service advisory and financing solutions to energy companies. The acquisition is well-aligned to our overall corporate strategy and will enable us to add further value to our clients in a region and industry that we know well.”