Mackie Research in the news again today:
Mackie Research Capital to gobble up Jordan Capital Markets for undisclosed sum
The landscape of Canadian VC capital has changed once again as Mackie Research Capital and Jordan Capital Markets have jointly announced this morning entering into an agreement whereby Mackie will acquire the Vancouver-based broker/dealer for an undisclosed sum.
The transaction will give Mackie Research a stronger presence on the West Coast, enhancing its ability to operate within the international resource industries base through Jordan Capital’s Colombian-based investment banking platform.
Jordan Capital will also benefit from the transaction as it will provide access to the more expansive investment banking community based out of Toronto.
As a result of the transaction, Jordan Capital, which currently employs more than 55 staff, will be integrated into the 300-member strong employee-owned Mackie Research with Jordan’s trade name being dissolved at closing to be replaced by Mackie.
Mackie’s Vancouver-based team, made up of between 30-40 members, will move to Jordan’s office, and Jordan Capital founder and CEO, Mark Redcliffe and President and Senior Investment analyst, Shane Nyquvest will stay on to manage the resulting combined West Coast operations.
Redcliffe will be appointed Executive Vice President of Mackie and serve on its board of directors while Nyquvest will become the company’s head of retail and also serve on the Mackie board.
This move marks a further consolidation of Vancouver’s Venture Capital community which during the 80s, numbered over 40 transactional focused brokerage houses. The Canadian landscape has largely been consolidated by the big six banks who want little to do with the venture business. As a result, there are less than 10 transactional focused firms, such as Haywood Securities, Leede Financial, Wolverton Securities and Salman Partners, operating in Vancouver.
A prime example of Howe Street’s transition is Canaccord Genuity, once the largest venture-brokerage in town, who now focuses on wealth management and global mid-market investment banking with little interest in transactional business.
This shift has also seen the migration of talent from the firm, including the Nyquvests, with Canaccord founder Peter Brown making the move mid last year to hang his own shingle and just a few weeks ago, Encrico Giustra making a new home at Haywood Securities.
The dust continues to settle on Canada’s transactional finance evolution.
