Kirkland advised Bain Capital in its minority investment in CI Financial Corp.’s (“CI”), a diversified global asset and wealth management company, U.S. wealth management business (“CI US”). In addition to Bain Capital, the investor group includes a subsidiary of the Abu Dhabi Investment Authority, Flexpoint Ford and Ares Management funds. The approximately C$1.34 billion (US$1.0 billion) investment is being made at a $7.1 billion enterprise value for CI US, representing 25.6x Q1’23 annualized Adjusted EBITDA of CI US.
The Kirkland team was led by capital markets partner Michael Kim, corporate partner Matthew O’Brien and debt finance partner Thomas Dobleman; and included antitrust and competition partners Michael Thorpe, Peter McCormack and Mark Gardner and associate Catherine Kordestani; capital markets partners Josh Korff and Zoey Hitzert and associates Kaangrok Yoo and Anna Ren; corporate partner Ziyad Ziyadzade and associate Brian Arnfelt; debt finance partners Austin Witt and Jocelyn Hirsch; employment and labor partner Sydney Jones and associate Wes Benter; international trade partner Ivan Schlager; investment funds partners Norm Champ, Alpa Patel and Xiao-Hong Jing; litigation partner Josh Greenblatt; tax partners Mike Carew and Meg Dewar; and technology and IP transactions partner Vlad Khodosh and associate Alex Barata.
