TORONTO, ONTARIO, March 18, 2021
Clariti Strategic AdvisorsTM (“Clariti”) is pleased to have acted as exclusive strategic and financial advisor to Cormorant Utility Services Limited (“Cormorant”) in connection with the corporate carve-out and sale of Cormorant Atlantic Utility Services Limited (“Cormorant Atlantic”) to an affiliate of Pilot Wave Holdings (“Pilot Wave”).
Cormorant is a portfolio company of CFFI Ventures Inc. (“CFFI”) and provides comprehensive solutions to the power utility sector through five operating companies: PowerTel, EPTCON, OneLine Engineering, PowerTraxx and, until recently, Cormorant Atlantic. Cormorant Atlantic is the former division of Cormorant that carried out Cormorant’s business in Atlantic Canada and the Eastern Seaboard of the United States of America.
Rahul Suri, Founder and Managing Partner of Clariti, said: “We are delighted to have supported Cormorant on this strategic and complex carve-out and divestiture. The teams at CFFI and Cormorant are seasoned businesspeople and a pleasure to work with, and we have come to know them well through this strategic mandate that took approximately a year to execute successfully, due in large part to the complexities of getting a deal like this done in the pandemic environment. Clariti provided strategic, financial, structuring and capital markets advice to Cormorant on this important deal.”
John Risley, Chairman of CFFI, speaking on behalf of CFFI and Cormorant, said: “The team at Clariti always had our best interests in mind throughout the process. They showed tenacity, judgment and resolve in helping us get this transaction across the line. We are very thankful for their assistance.”
Pilot Wave is the first acquisition firm dedicated to bringing modern technology to small businesses. Comprised of hybrid investment professionals, operators and technologists, the Pilot Wave team partners with exceptional management to grow businesses and help them continue to be competitive in the technology age. Afsheen Afshar, Founder and Managing Member of Pilot Wave, said: “Clariti was a great partner to work with on this transaction. They helped all parties navigate a nuanced process with thoughtfulness and commerciality.”
Clariti Strategic Advisors™ is a strategic and investment banking advisory firm that provides unsurpassed clarity, creativity, integrity and value to our clients. For further information, please contact any of the Clariti team members whose details can be found at www.claritiadvisors.com
