National Bank Financial Group has completed its acquisition of a 12.5% stake in Wellington West Holdings Inc., the companies announced on Monday.

As previously announced on Sept. 22, National Bank has paid Wellington West $35.8 million, or $54.40 per share. This price is the same as Wellington West’s recently completed $12.5-million share rights offering with its shareholders.

In addition, Wellington West will be entitled to receive capital contributions from National Bank of up to an additional $35 million, or the equivalent of $53.10 per share, if it achieves certain earnings targets over the next three years.

Wellington West will continue to operate independently under the leadership of Charlie Spiring, CEO and founder, and Kish Kapoor, president.

Brian A. Davis, executive vice-president of corporate development and governance of National Bank Financial has been appointed to the board of directors of Wellington West.

“This investment solidifies our ability to pursue our growth strategy despite the current economic slowdown,” said Kapoor in a statement. “National Bank Financial is an organization that respects our culture, our independence and our desire to provide a uniquely personal experience for our investment advisors and our clients.”

“We are delighted to partner with this team and look forward to building a long-term relationship,” said Luc Paiement, executive vice-president of wealth management at National Bank Financial Group.