Desjardins Securities has acquired the brokerage division of Groome Capital, a Montreal based firm specializing in institutional financing and private placements in technology, biotechnology, consumer and industrial products. Terms of the deal were not disclosed. The transaction is subject to regulatory approval.

“This transaction will enable Desjardins Securities to play a much larger role in the institutional financing sector. The acquisition of Groome Capital gives us solid expertise in this field and will enable us to inject substantial new energy into our firm,” said Jean-Pierre De Montigny, president and CEO of Desjardins Securities.

Richard Groome, President of Groome Capital, noted that “our clients will continue to enjoy the same quality of services while benefiting from the strength of Desjardins. We are very excited about joining forces with Canada’s sixth largest financial institution and look forward to developing a truly national presence in institutional sales, research and trading”.

The Montreal staff of Groome Capital will remain in their Place Ville Marie offices for now, moving into the Desjardins Securities offices at Complexe Desjardins over the course of the next few months. No changes are planned for the Toronto office for the time being.