Toronto, Ontario – August 10, 2009 – Retained executive search firm The Caldwell Partners International Inc. (TSX: CWL.A) today announced that it has acquired Cromwell Partners, Inc., a New York City-based executive search firm specializing in financial services.
“This acquisition is a significant step forward for The Caldwell Partners in the execution of our strategic plan to invest in the growth of our company across North America,” said John N. Wallace, President and Chief Executive Officer. “The addition of Cromwell’s very experienced and accomplished partners brings our total number of partners in the United States to a size that is now approaching that of our Canadian business. We also are very pleased to welcome the professional and supporting staff of Cromwell Partners to our team.
“Since its founding in 1991, Cromwell Partners has established itself as a leader in carrying out executive searches in the U.S. financial services industry. It has successfully executed thousands of searches and believes that its completion rate ranks among the highest in the search industry in the United States. Its capabilities and reputation in this sector complement the experience of our other American partners located in San Francisco, Los Angeles, Dallas, and Chicago,” Mr. Wallace said.
Cromwell Partners’ recruitment activities span the breadth of the global financial services industry, serving clients across investment management, alternative investments, global banks and investment banks and major endowments. Functionally, Cromwell Partners has long-standing experience and expertise across corporate and investment banking, capital markets, institutional marketing and investor relations, investment management and research, as well as senior financial, operational and technology management.
“While others in our industry have been contracting in the current economic environment, we are fortunate that our financial strength is enabling us to invest in the growth of our business,” said Mr. Wallace. “It is our intention to continue to invest prudently in the expansion of our organization in North America. Our focus is on positioning The Caldwell Partners to enjoy significant growth as the economies recover. Through this, we expect to increase the value of the company for our shareholders.”
“We are looking forward to being a part of The Caldwell Partners as it continues to grow its business across North America,” said Paul Heller, President of Cromwell Partners. “We were attracted to The Caldwell Partners because of its unique team of experienced, high-calibre, and client-driven search professionals. We share common corporate values and focus on superior client service. We will be working closely with our new colleagues across North America to expand our financial services practice, leveraging our success to deliver exceptional search solutions to clients”.
“Our fiscal 2009 year has been one of investment and great change,” said Mr. Wallace. “We are pleased with our efforts to date and very excited about our prospects moving forward both in Canada and the United States.”
About The Caldwell Partners
Retained executive search firm The Caldwell Partners International Inc., founded in 1970, provides human-capital services to its clients through its offices in Vancouver, San Francisco, Los Angeles, Dallas, Calgary, Toronto, Montreal, and New York City, and its partners in Chicago. The Caldwell Partners focuses, in particular, on recruiting “C-class” executives (chief executive, chief financial, chief information officers, as well as other senior executives). The Caldwell Partners takes pride in delivering unmatched depth of service and expertise to its clients, the calibre and experience of its staff, and the successful completion of its engagements. The Caldwell Partners founded and continues to promote the prestigious national awards programs recognizing Canada’s Outstanding CEO of the Year™ and Canada’s Top 40 Under 40™, and advises and supports the Canada’s CFO of the Year Award™ program. In 2009, the Canada’s Outstanding CEO of the Year™ and Canada’s Top 40 Under 40™ programs are marking their respective 19th and 14th anniversaries.
The Caldwell Partners’ Class-A non-voting shares are listed on The Toronto Stock Exchange (TSX: CWL.A). Please visit our website at www.caldwell.ca for further information.
Forward-looking statements in this document are based on current expectations that are subject to significant risks and uncertainties. Actual results might differ materially due to various factors such as the competitive nature of the executive search industry, the ability of the company to execute its growth strategies, the performance of the Canadian domestic and international economies, and the company’s ability to retain key personnel. The Caldwell Partners assumes no obligation to update the forwardlooking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements.
For further information, please contact:
Richard W. Wertheim
Wertheim + Company Inc.
+1 416 594 1600
+1 416 518 8479 (cell)