News Releases
BMO Financial Group (TSX, NYSE: BMO), announced today it will commit up to US$150 million in capital to the Halyard Capital Fund II, a private equity fund focused on investing in middle market companies in the media, communications and business services industries.
Halyard Capital was formed as a wholly-owned affiliate of BMO Financial Group in May 2000. Its first fund, Halyard Capital Fund I, is a US$350 million private equity fund with investments in a wide variety of media, communications and business services sectors including newspapers, radio broadcasting, TV broadcasting, wireless towers, marketing services, directories and B2B publishing.
BMO Financial Group has now committed up to US$150 million of capital as the anchor investor in Halyard II. As part of the creation of Fund II, Halyard Capital will seek additional institutional limited partners. It is expected that Halyard Capital Fund II will have an initial close within the next six months. At that time, Halyard Capital will operate independently of BMO Financial Group.
“As the principal investor in Halyard II, we will continue to leverage both our capital and our longstanding experience in the media industry and its related sectors,” said Yvan Bourdeau, President and Chief Operating Officer, BMO Nesbitt Burns.
“Our partnership with BMO Financial Group has been instrumental in the success of Halyard Capital Fund I,” said Robert Nolan, Managing Partner of Halyard Capital. “Continued investment from BMO will play a significant role as Halyard continues to build a private equity portfolio of significant value.”
Halyard Capital Fund I will continue to be managed by the principals of Halyard Capital. Halyard Capital has retained Park Hill Group, an affiliate of The Blackstone Group, as placement agent and financial advisor to Halyard Capital Fund II. The firm has also retained Paul, Weiss, as legal advisor.
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 CDN$290 billion as at July 31, 2005, and more than 34,000 employees, BMO provides a broad range of retail banking, wealth management and investment banking products and solutions. BMO Financial Group serves clients across Canada through its Canadian retail arm, BMO Bank of Montreal, and through BMO Nesbitt Burns, one of Canada’s leading full-service investment firms. In the United States, BMO serves clients through Chicago-based Harris, an integrated financial services organization that provides more than 1 million personal, business, corporate and institutional clients with banking, lending, investing, financial planning, trust administration, portfolio management, family office and wealth transfer services.
About Halyard Capital Fund
Halyard Capital invests in growth financings and management buyout opportunities within the media, communications and business services industries. Additional information can also be found at www.halyardcapital.com.
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