Source: The Canadian Press

Toronto-Dominion Bank (TSX: TD) is beefing up its oilpatch presence by buying a small Calgary firm that specializes in advice on buying and selling energy assets.

TD had been looking to get into the acquisition and divestiture business for about a year before it honed in on Ross Smith Sousa Ltd.

Ross Smith Sousa has the sort of technical expertise TD’s clients have said they wanted. The fact that the advisory firm has a lean staff of 10 people is also a plus.

The deal comes as merger and acquisition activity picks up in the oilpatch, both when it comes to individual assets and larger corporate transactions.

“You want to be in the flow on both sides,” said Drew MacIntyre, who heads up TD’s global energy group.

All of Ross Smith Sousa’s employees will join a new outfit called TD Energy Advisors, a division of the bank’s global energy and power group. About five more are expected to be added to the team.

Ross Smith Sousa president Rodrigo Sousa will be managing director and head of TD Energy Advisors.

“We saw a great match with a firm that has a leading franchise in energy, and is known in the industry for their deep client relationships and an unwavering commitment to premium service and uncompromised advice,” Sousa said in a statement.

The new outfit has already begun work with natural gas heavyweight Encana Corp. (TSX:ECA) and Shell Canada Ltd.