Cascadia Capital, a Seattle-based middle-market funding financial institution, is boosting its money steadiness via a singular cope with a personal fairness agency.
Cascadia landed greater than $50 million from Atlas Service provider Capital, a New York and London-based agency based by former Barclays CEO Bob Diamond.
Based in 2000, Cascadia Capital helps healthcare, retail, expertise and different corporations discover patrons.
The deal introduced Wednesday is uncommon, on condition that an investor equivalent to Atlas is making a considerable minority fairness funding into an impartial advisory banking agency. “They’re few and much between,” Cascadia co-founder and CEO Michael Butler advised Startup.
Butler stated the deal will assist Cascadia “shut the hole” with its opponents, and likewise give extra possession of the agency to managing administrators.
“Throughout the broader funding banking panorama, giant Wall Road banks have grow to be much less entrepreneurial, much less versatile, and extra like utilities,” Diamond stated in an announcement. “This shift — coupled with the current wave of consolidation — underscores the vital want for what Cascadia brings to the market as an revolutionary and versatile impartial agency.”
Butler beforehand labored with Diamond at Morgan Stanley. He described Diamond and Tom King, one other Atlas companion, as “luminaries.”
“We consider we have now a chance to do one thing actually particular with the assistance of Atlas,” Butler stated.
Along with crew growth, Cascadia plans to develop its consulting companies in capital elevating and valuation practices, amongst others.
Butler co-founded Cascadia in 2000 with Kevin Cable, who at the moment works as a managing director on the agency. Final yr, it raised $150 million for a particular function acquisition firm, or SPAC, known as Cascadia Acquisition Corp. that’s focusing on an organization within the robotics and AI area. The agency has but to call an organization that it plans to amass via the SPAC automobile.
Cascadia additionally makes direct investments in corporations through Cascadia Non-public Capital, its service provider banking arm. In 2018, Cascadia stated it will make investments as much as $500 million in Pacific Northwest corporations with the creation of its “Funding Membership,” made up of Cascadia Non-public Capital and different backers excited about long-term offers.