Independent investment bank Cavendish is targeting north and north-east energy companies as a potential source of business following its launch today.
Scotland’s newest bank was created through the merger of Cenkos Securities and finnCap Group.
Operating from Cenkos’ old site in Edinburgh, as well as offices in London, its activities span private capital, debt advisory and equity capital market services.
Its “industrials” segment includes oil and gas, automotive and aerospace through to support services such as logistics, engineering, transportation and waste processing.
Cavendish boasts global reach
The merger brings together economically key sector and specialism expertise in areas including mergers and acquisitions (M&A), technology, healthcare and energy. Clients also have access to a wide range of global resources through Cavendish’s membership of the Oaklins financial services network.
Cavendish has inherited nearly 30 clients in the Scottish energy industry through its formation.
Neil McDonald, head of Scotland at the firm, said: “The merger gives us opportunities to support growing energy companies… at an earlier stage. We see massive potential for a whole range of energy business in Scotland in the next few years.”
He added: “The creation of this new full-service investment bank means we can serve growing Scottish companies which may not yet be ready to raise money on the public markets, but have a need to access either private or debt capital to fuel their ambitions.
“The addition of an established M&A capacity and an international network brings in the potential for Scottish businesses to acquire to grow, or for owners to either list on public markets or sell when the time is right.”
Mr McDonald was previously co-head of natural resources and energy at Cenkos.
More than 200 London-listed clients
According to Cavendish, the group has about 220 clients listed either on the London Stock Exchange or Alternative Investment Market – the most of any UK small and midcap investment bank.
The Cavendish name comes from a business within the merged companies’ portfolio.