RBC establishes Canadian A&D business with acquisition
of assets of Rundle Energy Partners
TORONTO and CALGARY, November 30, 2009 Royal Bank of Canada
(RBC) - RY on TSX and NYSE - today announced it has completed
the acquisition of substantially all of the assets of Rundle
Energy Partners Ltd. (Rundle), a Calgary-based, privately-held
advisory firm specializing in asset acquisitions and divestitures
(A&D) in the oil and gas sector. All employees of Rundle
have been offered and accepted positions with RBC, including
Rundle's four principals - Tom Caldwell, Mark McMurray, Rich
Wickens and Bevin Wirzba. Terms of the transaction were not
The Rundle acquisition further strengthens and expands RBC's
leading service platform and market position in the Canadian
energy sector and complements our existing A&D capabilities
in the U.S., which were established through the acquisition
of Houston-based Richardson Barr & Co. in August 2008.
The new entity will be branded RBC Rundle and will work in
close partnership with RBC's global energy investment banking
group as well as with the RBC Richardson Barr team in Houston.
The transaction positions RBC Rundle to provide its clients
with a complete range of A&D, capital markets, financing
and mergers and acquisitions (M&A) advisory services,
as well as access to RBC's substantial financial resources,
significant existing energy relationships, and the global
reach of RBC's 200 energy professionals worldwide.
"The transaction with Rundle further strengthens RBC's
leading energy practice and provides added value to our energy
clients by offering specialized technical knowledge, unique
asset evaluation capabilities, and proprietary ideas and insights
in the A&D sector," said Derek Neldner, managing
director & head, Canadian Energy, RBC Capital Markets.
"Through RBC Rundle and RBC Richardson Barr, RBC's team
of dedicated A&D professionals in North America significantly
complements and enhances the advisory services we provide
to energy clients globally."
"This acquisition is a great cultural and strategic
fit for RBC, providing us with an experienced, highly professional
team of individuals who are client-focused and have established
a strong reputation built on the quality and integrity of
their service. Rundle and its team have established an outstanding
client base and our goal is to build on this success,"
"As a full service global financial institution, RBC
is a perfect partner for Rundle. Clients increasingly want
advisors who can provide capital markets expertise, bank financing,
as well as access to a global platform, among other capabilities,
and this transaction allows us to offer our clients just that.
Clients of RBC Rundle will continue to receive the same high
quality advice and service they've come to rely on,"
said Mark McMurray, one of the four principals of Rundle.
About RBC Capital Markets
RBC Capital Markets is the corporate and investment banking
arm of RBC and is active globally in debt origination, sales
and trading, foreign exchange, infrastructure finance, structured
products, metals and mining and energy. Its North American
platform includes leading equity, underwriting, sales, trading
and research businesses and a significant U.S. investment
banking franchise. Bloomberg ranks the firm as one of the
Top 20 investment banks globally. For more information, please
With over 200 dedicated energy professionals operating from
key global centres including Calgary, Houston, London, New
York, and Toronto, RBC Capital Markets' Global Energy Group
provides advice and raises capital for the energy and utilities
sectors around the world, including exploration & production,
oil field services, pipelines, master limited partnerships
(MLPs), and refining and marketing. The firm provides award
winning energy research that covers more than 200 energy companies
globally. According to Bloomberg, RBC Capital Markets is ranked
as the #1 global oil & gas M&A financial adviser in
2009. RBC was named "Advisor of the Year" at the
World Junior Oil and Gas Awards on 23 November 2009.
Royal Bank of Canada (RY on TSX and NYSE) and its subsidiaries
operate under the master brand name RBC. We are Canada's largest
bank as measured by assets and market capitalization, one
of North America's leading diversified financial services
companies and among the largest banks in the world, as measured
by market capitalization. We provide personal and commercial
banking, wealth management services, insurance, corporate
and investment banking and transaction processing services
on a global basis. We employ approximately 80,000 full- and
part-time employees who serve more than 18 million personal,
business, public sector and institutional clients through
offices in Canada, the U.S. and 53 other countries. For more
information, please visit www.rbc.com.
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