TORONTO, ONTARIO--(Marketwire - April 1, 2013) - BMO Financial Group announced today that it has completed the acquisition of the assets of Aver Media LP, a leading, private Canadian-based film and TV media lending company. BMO had announced signing of an asset purchase agreement in mid-February.
Terms of the deal were not disclosed.
"This is a strategic investment that will leverage the complementary strengths of both companies to the benefit of our clients and shareholders," said Jim Kelsey, Senior Vice-President, Corporate Finance Division, Personal and Commercial Banking Canada, BMO Bank of Montreal. "We look forward to welcoming Aver's exceptional management team and clients to the BMO family. We will be working hard throughout the year ahead to ensure a smooth transition and a continuation of a high level of service and creative media lending solutions for all of our clients."
BMO said that Aver Media's clients would benefit from BMO's financial strength and commercial expertise while BMO's existing media sector clients would benefit from the industry knowledge and reputation of the Aver Media management team.
Along with its management team, Aver will be integrated into CFD as a new and distinct Line of Business; specializing in "Media Financing" and related advisory services. Peter Sussman and Bradley Sherman who co-founded Aver Media, will co-head a new Media Financing line of business.
About BMO Financial Group
Established in 1817 as Bank of Montreal, BMO Financial Group is a highly diversified North American financial services organization. With total assets of $542 billion as at January 31, 2013, and more than 46,000 employees, BMO Financial Group provides a broad range of retail banking, wealth management and investment banking products and solutions.