Stifel Financial To Acquire North Atlantic Capital's Future Venture Investment Business

Stifel Financial Corp (NYSE: SF) inked an agreement to acquire the future business of North Atlantic Capital Corporation, based in Portland, Maine.
The acquisition further consolidates Stifel’s position as an active manager of small business investment corporations (SBIC) and venture capital (VC) funds.
Additionally, Stifel has pledged to invest in the following North Atlantic SBIC.
The North Atlantic investment strategy focused on high-growth technology companies will be a valuable addition to Stifel’s expertise in institutional research and investment banking services.
“Our plan is to leverage North Atlantic’s deep understanding of the venture capital markets to help us build out a robust service offering for privately held, high-growth technology businesses,” said Stifel Financial Co-President Victor Nesi.
The financial terms of the transaction were not disclosed.
The company’s closing cash balance stood at $2.3 billion as of December 31, 2020. Operating cash flow stood at $1.7 billion.
Price Action: SF shares are trading marginally higher by 0.65% at $57.87 on the last check Friday.