TORONTO, ONTARIO — (Marketwire) — 04/01/13 — 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.
Contacts:
For Media Enquiries
Ralph Marranca, Toronto
(416) 867-3996
Ronald Monet, Montreal
(514) 877-1873
For Investor Relations Enquiries
Sharon Haward-Laird, Toronto
(416) 867-6656
Andrew Chin, Toronto
(416) 867-7019