Wellington-Altus Attracts Up to $85 Million in Minority Partner Capital

Wellington-Altus Financial Inc., a large Winnipeg-based independent wealth advisory firm, has attracted minority growth equity investments from The Cynosure Group (Cynosure) and Jessiman Family Investments (JFI) that are expected to amount to $85 million.

Cynosure and JFI will now become minority owners of Wellington-Altus and representatives thereof will join the company’s board of directors, subject to shareholder approval, according to a release. The founders, advisors, and management team at Wellington-Altus will continue to control and operate the business.

Wellington-Altus said it plans to use the $85-million capital infusion to recruit new wealth advisors and acquire money management firms. The firm, which was founded in 2017, currently has approximately $20 billion in assets under administration, and was the top-rated wealth advisory company in Canada in the Investment Executive 2021 Brokerage Report Card.

“This is an important catalyst in the continued growth of our firm, with many months of planning and execution now coming to life,” Charlie Spiring, founder and chairman of Wellington-Altus, said in a statement. “I am wholly impatient to onboard the many new top advisors and select money management firms that know we can help them achieve even better results for their clients.”

MLT Aikins lawyers David C. Filmon, Jordan T. Riese, Paul V. Tascona were pleased to act for Wellington-Altus in this transaction. Learn more about our Corporate Finance & Securities practice group.