commercial.bmo.com
Open in
urlscan Pro
44.240.101.253
Public Scan
Submitted URL: https://url6380.news.pitchbook.com/ls/click?upn=-2B0Jlug6i80mluh5Xp2-2BZsfdSR-2BbC0M2D2Pkba6hdCey9bKVk60f8HA5YU4gSWI0ToSihDcKd47xG-...
Effective URL: https://commercial.bmo.com/en/us/resource/private-equity-sponsors/bmo-sponsor-finance-transaction-trends-private-credit-fun...
Submission: On May 22 via api from US — Scanned from DE
Effective URL: https://commercial.bmo.com/en/us/resource/private-equity-sponsors/bmo-sponsor-finance-transaction-trends-private-credit-fun...
Submission: On May 22 via api from US — Scanned from DE
Form analysis 4 forms found in the DOM
GET
<form action="" data-url="/en/us/search/" method="GET" class="search-input-form">
<a href="javascript:;" class="tl-header-search" aria-label="Search">
<div class="search-here">
<span class="magnify-icon-container">
<img aria-hidden="true" src="https://p-bmo-commercial-assets.s3.amazonaws.com/static/images/Magnifying_Glass%402x.png" alt="search icon">
</span>
<input autocomplete="off" onclick="this.select();" class="search-here-input" name="search-input" placeholder="What can we help you find?" type="text" aria-label="Enter Search Text (on keypress navigates to search results page)">
<input type="hidden" class="current-language-input" value="en">
<button type="submit" class="button_no_display" aria-label="submit button">Click</button>
</div>
</a>
<span tabindex="0" role="button" aria-label="Click to clear search" class="icon x-to-close" style="display: none;"></span>
</form>GET
<form action="" data-url="/en/us/search/" method="GET" class="search-input-form ">
<div href="javascript:;" class="tl-header-search">
<div class="search-here">
<span class="magnify-icon-container">
<img aria-hidden="true" src="https://p-bmo-commercial-assets.s3.amazonaws.com/static/images/Magnifying_Glass%402x.png" alt="search icon">
</span>
<input autocomplete="off" class="inputField search-here-input" onclick="this.select();" id="search-here" name="search-input" placeholder="What can we help you find?" type="text"
aria-label="Enter Search Text (on keypress navigates to search results page)">
<input type="hidden" class="current-language-input" value="en">
<button class="function" type="submit" aria-label="search">
<span class="icon chevron-right"></span>
</button>
</div>
</div>
</form>GET
<form action="" data-url="/en/us/search/" method="GET" class="search-input-form">
<a href="javascript:;" class="tl-header-search" arial-label="Search Form">
<div class="search-here">
<span class="magnify-icon-container">
<img aria-hidden="true" src="https://p-bmo-commercial-assets.s3.amazonaws.com/static/images/Magnifying_Glass%402x.png" alt="search icon">
</span>
<input autocomplete="off" onclick="this.select();" id="searh-here-input-mobile" class="search-here-input" name="search-input" placeholder="What can we help you find?" type="text" aria-label="Enter Search Text (on keypress navigates to search results page)">
<input type="hidden" class="current-language-input" value="en">
<button class="function" aria-label="chevron right">
<span class="icon chevron-right"></span>
</button>
</div>
<button type="submit" class="button_no_display" aria-label="Search Button">Click</button>
</a>
</form>POST /send_message/contact/
<form enctype="multipart/form-data" action="/send_message/contact/" method="POST" id="send-message-form" data-page-id="76" data-instance-id="9240" data-page-category="None" class="send-message-form" novalidate="" autocomplete="on"
data-is-us-site="True">
<input type="hidden" name="csrfmiddlewaretoken" value="rc1laoSGEqiDeAqwuH9CnaWy3QdItTr81NM4cGufb3CuhOHTQausG2AjiMTseB5g">
<div class="send-message-form-line " data-first-name-error="Please enter your first name" data-last-name-error="Please enter your last name" data-email-error="Please enter your email address" data-confirm-error="Please confirm email address"
data-state-error="Please select a state" data-revenue-error="Please select a revenue" data-industry-error="Please select a industry or solution or other" data-description-error="Please enter a descriptive message" data-refresh="Refresh"
data-invalid-email="Invalid email address" data-captcha-placeholder="Type the text displayed above">
<label for="id_post_first_name">First Name*</label>
<input type="text" name="post_first_name" maxlength="50" required="" id="id_post_first_name" aria-label="Enter your First Name">
</div>
<div class="send-message-form-line post-initials-hidden-field" data-first-name-error="Please enter your first name" data-last-name-error="Please enter your last name" data-email-error="Please enter your email address"
data-confirm-error="Please confirm email address" data-state-error="Please select a state" data-revenue-error="Please select a revenue" data-industry-error="Please select a industry or solution or other"
data-description-error="Please enter a descriptive message" data-refresh="Refresh" data-invalid-email="Invalid email address" data-captcha-placeholder="Type the text displayed above">
<label for="id_post_initials">Initials</label>
<input type="text" name="post_initials" class="hidden-input" aria-label="Initials" maxlength="50" id="id_post_initials">
</div>
<div class="send-message-form-line " data-first-name-error="Please enter your first name" data-last-name-error="Please enter your last name" data-email-error="Please enter your email address" data-confirm-error="Please confirm email address"
data-state-error="Please select a state" data-revenue-error="Please select a revenue" data-industry-error="Please select a industry or solution or other" data-description-error="Please enter a descriptive message" data-refresh="Refresh"
data-invalid-email="Invalid email address" data-captcha-placeholder="Type the text displayed above">
<label for="id_post_last_name">Last Name*</label>
<input type="text" name="post_last_name" maxlength="50" required="" id="id_post_last_name" aria-label="Enter your Last Name">
</div>
<div class="send-message-form-line " data-first-name-error="Please enter your first name" data-last-name-error="Please enter your last name" data-email-error="Please enter your email address" data-confirm-error="Please confirm email address"
data-state-error="Please select a state" data-revenue-error="Please select a revenue" data-industry-error="Please select a industry or solution or other" data-description-error="Please enter a descriptive message" data-refresh="Refresh"
data-invalid-email="Invalid email address" data-captcha-placeholder="Type the text displayed above">
<label for="id_post_email">Email*</label>
<input type="email" name="post_email" data-brite-verify="" maxlength="50" required="" id="id_post_email" aria-label="Enter your Email address">
</div>
<div class="send-message-form-line " data-first-name-error="Please enter your first name" data-last-name-error="Please enter your last name" data-email-error="Please enter your email address" data-confirm-error="Please confirm email address"
data-state-error="Please select a state" data-revenue-error="Please select a revenue" data-industry-error="Please select a industry or solution or other" data-description-error="Please enter a descriptive message" data-refresh="Refresh"
data-invalid-email="Invalid email address" data-captcha-placeholder="Type the text displayed above">
<label for="id_post_email_confirm">Confirm Email Address*</label>
<input type="email" name="post_email_confirm" maxlength="50" required="" id="id_post_email_confirm" aria-label="Please Confirm your email address">
</div>
<div class="send-message-form-line form-field-block-focused" data-first-name-error="Please enter your first name" data-last-name-error="Please enter your last name" data-email-error="Please enter your email address"
data-confirm-error="Please confirm email address" data-state-error="Please select a state" data-revenue-error="Please select a revenue" data-industry-error="Please select a industry or solution or other"
data-description-error="Please enter a descriptive message" data-refresh="Refresh" data-invalid-email="Invalid email address" data-captcha-placeholder="Type the text displayed above">
<div class="send-a-message-dropdown">
<label for="industry-dropdown" class="form-label-focused">Select an Industry<sup>*</sup></label>
<select class="select-dropdown dropbtn-banker" name="Industries">
<option value="">Select an Industry</option>
<option value="Agribusiness And Protein">Agribusiness And Protein</option>
<option value="Agriculture">Agriculture</option>
<option value="Auto Dealerships">Auto Dealerships</option>
<option value="Commercial Real Estate">Commercial Real Estate</option>
<option value="Correspondent Banking">Correspondent Banking</option>
<option value="Dental Practices">Dental Practices</option>
<option value="Educational Institutions">Educational Institutions</option>
<option value="Engineering Construction">Engineering Construction</option>
<option value="Food & Beverage">Food & Beverage</option>
<option value="Franchise Finance">Franchise Finance</option>
<option value="Fuel Services">Fuel Services</option>
<option value="Futures and Securities">Futures and Securities</option>
<option value="Governments">Governments</option>
<option value="Healthcare">Healthcare</option>
<option value="Logistics, Rail and Shipping">Logistics, Rail and Shipping</option>
<option value="Manufacturing">Manufacturing</option>
<option value="McDonald's Operators">McDonald's Operators</option>
<option value="Metals">Metals</option>
<option value="Not for profit Organizations">Not for profit Organizations</option>
<option value="Private Equity Sponsors">Private Equity Sponsors</option>
<option value="Professional Services">Professional Services</option>
<option value="Retail and Wholesale Distribution">Retail and Wholesale Distribution</option>
<option value="Specialty Finance">Specialty Finance</option>
<option value="Technology & Innovation">Technology & Innovation</option>
<option value="Trucking">Trucking</option>
</select>
<!-- <input id="industry-dropdown" readonly class="send-a-message-dropdown-input" name="Industries"
aria-label="Click here to search by Industry" role="button" aria-expanded="false" autocomplete="off" /> -->
<span class="icon chevron-down" tabindex="-1" aria-hidden="true"></span>
<!-- <div id="sendDropdown" class="send-message-dropdown-content">
<div class="send-message-accordion">Select an Industry</div>
<div class="send-message-accordion">
Agribusiness And Protein
</div>
<div class="send-message-panel">
</div>
<div class="send-message-accordion">
Agriculture
<span class="plus icon-plus"></span>
</div>
<div class="send-message-panel">
<div class="send-message-segment">- Franchise Finance</div>
<div class="send-message-segment">- All</div>
</div>
<div class="send-message-accordion">
Auto Dealerships
</div>
<div class="send-message-panel">
</div>
<div class="send-message-accordion">
Commercial Real Estate
</div>
<div class="send-message-panel">
</div>
<div class="send-message-accordion">
Correspondent Banking
</div>
<div class="send-message-panel">
</div>
<div class="send-message-accordion">
Dental Practices
</div>
<div class="send-message-panel">
</div>
<div class="send-message-accordion">
Educational Institutions
</div>
<div class="send-message-panel">
</div>
<div class="send-message-accordion">
Engineering Construction
</div>
<div class="send-message-panel">
</div>
<div class="send-message-accordion">
Food & Beverage
</div>
<div class="send-message-panel">
</div>
<div class="send-message-accordion">
Franchise Finance
</div>
<div class="send-message-panel">
</div>
<div class="send-message-accordion">
Fuel Services
</div>
<div class="send-message-panel">
</div>
<div class="send-message-accordion">
Futures and Securities
</div>
<div class="send-message-panel">
</div>
<div class="send-message-accordion">
Governments
</div>
<div class="send-message-panel">
</div>
<div class="send-message-accordion">
Healthcare
<span class="plus icon-plus"></span>
</div>
<div class="send-message-panel">
<div class="send-message-segment">- Hospitals and Acute Care</div>
<div class="send-message-segment">- All</div>
</div>
<div class="send-message-accordion">
Logistics, Rail and Shipping
</div>
<div class="send-message-panel">
</div>
<div class="send-message-accordion">
Manufacturing
</div>
<div class="send-message-panel">
</div>
<div class="send-message-accordion">
McDonald's Operators
</div>
<div class="send-message-panel">
</div>
<div class="send-message-accordion">
Metals
</div>
<div class="send-message-panel">
</div>
<div class="send-message-accordion">
Not for profit Organizations
</div>
<div class="send-message-panel">
</div>
<div class="send-message-accordion">
Private Equity Sponsors
</div>
<div class="send-message-panel">
</div>
<div class="send-message-accordion">
Professional Services
</div>
<div class="send-message-panel">
</div>
<div class="send-message-accordion">
Retail and Wholesale Distribution
</div>
<div class="send-message-panel">
</div>
<div class="send-message-accordion">
Specialty Finance
</div>
<div class="send-message-panel">
</div>
<div class="send-message-accordion">
Technology & Innovation
</div>
<div class="send-message-panel">
</div>
<div class="send-message-accordion">
Trucking
</div>
<div class="send-message-panel">
</div>
</div> -->
</div>
</div>
<div class="send-message-form-line form-field-block-focused" data-first-name-error="Please enter your first name" data-last-name-error="Please enter your last name" data-email-error="Please enter your email address"
data-confirm-error="Please confirm email address" data-state-error="Please select a state" data-revenue-error="Please select a revenue" data-industry-error="Please select a industry or solution or other"
data-description-error="Please enter a descriptive message" data-refresh="Refresh" data-invalid-email="Invalid email address" data-captcha-placeholder="Type the text displayed above">
<span class="select">
<label for="id_post_solution" class="form-label-focused">Select a Solution</label>
<select name="post_solution" id="id_post_solution">
<option value="" selected="">Select a Solution</option>
<option value="Addressing COVID 19">Addressing Covid 19</option>
<option value="asset based lending">Asset Based Lending</option>
<option value="asset based lending">Asset Based Lending</option>
<option value="business strategy">Business Strategy</option>
<option value="Corporate Advisory">Corporate Advisory</option>
<option value="Doing Business in Canada">Doing Business In Canada</option>
<option value="doing business internationally">Doing Business Internationally</option>
<option value="economic insights">Economic Insights</option>
<option value="employee solutions">Employee Solutions</option>
<option value="equipment finance">Equipment Finance</option>
<option value="finance growth">Finance Growth</option>
<option value="manage cash flow">Manage Cash Flow</option>
<option value="manage risk">Manage Risk</option>
<option value="Mergers and Acquisitions">Mergers And Acquisitions</option>
<option value="Minority Owned Businesses">Minority Owned Businesses</option>
<option value="Our Impact">Our Impact</option>
<option value="See further">See Further</option>
<option value="Sustainability">Sustainability</option>
<option value="wealth management">Wealth Management</option>
<option value="Who We Are">Who We Are</option>
</select>
<span class="icon chevron-down" tabindex="-1" aria-hidden="true"></span>
</span>
</div>
<div class="send-message-form-line " data-first-name-error="Please enter your first name" data-last-name-error="Please enter your last name" data-email-error="Please enter your email address" data-confirm-error="Please confirm email address"
data-state-error="Please select a state" data-revenue-error="Please select a revenue" data-industry-error="Please select a industry or solution or other" data-description-error="Please enter a descriptive message" data-refresh="Refresh"
data-invalid-email="Invalid email address" data-captcha-placeholder="Type the text displayed above">
<label for="id_post_other">Other</label>
<input type="text" name="post_other" maxlength="50" id="id_post_other" aria-label="Other">
</div>
<div class="send-message-form-line form-field-block-focused" data-first-name-error="Please enter your first name" data-last-name-error="Please enter your last name" data-email-error="Please enter your email address"
data-confirm-error="Please confirm email address" data-state-error="Please select a state" data-revenue-error="Please select a revenue" data-industry-error="Please select a industry or solution or other"
data-description-error="Please enter a descriptive message" data-refresh="Refresh" data-invalid-email="Invalid email address" data-captcha-placeholder="Type the text displayed above">
<span class="select">
<label for="id_post_state" class="form-label-focused">Select a State*</label>
<select name="post_state" aria-label="State dropdown" required="" id="id_post_state">
<option value="" selected="">Select a State *</option>
<option value="AL">Alabama</option>
<option value="AK">Alaska</option>
<option value="AZ">Arizona</option>
<option value="AR">Arkansas</option>
<option value="CA">California</option>
<option value="CO">Colorado</option>
<option value="CT">Connecticut</option>
<option value="DE">Delaware</option>
<option value="DC">District of Columbia</option>
<option value="FL">Florida</option>
<option value="GA">Georgia</option>
<option value="HI">Hawaii</option>
<option value="ID">Idaho</option>
<option value="IL">Illinois</option>
<option value="IN">Indiana</option>
<option value="IA">Iowa</option>
<option value="KS">Kansas</option>
<option value="KY">Kentucky</option>
<option value="LA">Louisiana</option>
<option value="ME">Maine</option>
<option value="MD">Maryland</option>
<option value="MA">Massachusetts</option>
<option value="MI">Michigan</option>
<option value="MN">Minnesota</option>
<option value="MS">Mississippi</option>
<option value="MO">Missouri</option>
<option value="MT">Montana</option>
<option value="NE">Nebraska</option>
<option value="NV">Nevada</option>
<option value="NH">New Hampshire</option>
<option value="NJ">New Jersey</option>
<option value="NM">New Mexico</option>
<option value="NY">New York</option>
<option value="NC">North Carolina</option>
<option value="ND">North Dakota</option>
<option value="OH">Ohio</option>
<option value="OK">Oklahoma</option>
<option value="OR">Oregon</option>
<option value="PA">Pennsylvania</option>
<option value="RI">Rhode Island</option>
<option value="SC">South Carolina</option>
<option value="SD">South Dakota</option>
<option value="TN">Tennessee</option>
<option value="TX">Texas</option>
<option value="UT">Utah</option>
<option value="VT">Vermont</option>
<option value="VA">Virginia</option>
<option value="WA">Washington</option>
<option value="WV">West Virginia</option>
<option value="WI">Wisconsin</option>
<option value="WY">Wyoming</option>
<option value="OS" style="display: none;">Outside USA</option>
</select>
<span class="icon chevron-down" tabindex="-1" aria-hidden="true"></span>
</span>
</div>
<div class="send-message-form-line form-field-block-focused" data-first-name-error="Please enter your first name" data-last-name-error="Please enter your last name" data-email-error="Please enter your email address"
data-confirm-error="Please confirm email address" data-state-error="Please select a state" data-revenue-error="Please select a revenue" data-industry-error="Please select a industry or solution or other"
data-description-error="Please enter a descriptive message" data-refresh="Refresh" data-invalid-email="Invalid email address" data-captcha-placeholder="Type the text displayed above">
<span class="select">
<label for="id_post_revenue" class="form-label-focused">Select a Revenue Range*</label>
<select name="post_revenue" aria-label="Revenue Range dropdown" required="" id="id_post_revenue">
<option value="" selected="">Select a Revenue Range *</option>
<option value="rev_less_1">Less than $1MM/year</option>
<option value="rev_equal_1_3">$1MM - $10MM/year</option>
<option value="rev_equal_3_20">$10MM - $20MM/year</option>
<option value="rev_equal_20">Greater than $20MM/year</option>
</select>
<span class="icon chevron-down" tabindex="-1" aria-hidden="true"></span>
</span>
</div>
<div class="send-message-form-line " data-first-name-error="Please enter your first name" data-last-name-error="Please enter your last name" data-email-error="Please enter your email address" data-confirm-error="Please confirm email address"
data-state-error="Please select a state" data-revenue-error="Please select a revenue" data-industry-error="Please select a industry or solution or other" data-description-error="Please enter a descriptive message" data-refresh="Refresh"
data-invalid-email="Invalid email address" data-captcha-placeholder="Type the text displayed above">
<label for="id_post_company_name">Company Name</label>
<input type="text" name="post_company_name" maxlength="50" id="id_post_company_name" aria-label="Enter Company Name">
</div>
<div class="send-message-form-line " data-first-name-error="Please enter your first name" data-last-name-error="Please enter your last name" data-email-error="Please enter your email address" data-confirm-error="Please confirm email address"
data-state-error="Please select a state" data-revenue-error="Please select a revenue" data-industry-error="Please select a industry or solution or other" data-description-error="Please enter a descriptive message" data-refresh="Refresh"
data-invalid-email="Invalid email address" data-captcha-placeholder="Type the text displayed above">
<label for="id_post_message">Message*</label>
<textarea name="post_message" cols="40" rows="5" required="" id="id_post_message" aria-label="Enter Message"></textarea>
</div>
<div class="send-message-form-line " data-first-name-error="Please enter your first name" data-last-name-error="Please enter your last name" data-email-error="Please enter your email address" data-confirm-error="Please confirm email address"
data-state-error="Please select a state" data-revenue-error="Please select a revenue" data-industry-error="Please select a industry or solution or other" data-description-error="Please enter a descriptive message" data-refresh="Refresh"
data-invalid-email="Invalid email address" data-captcha-placeholder="Type the text displayed above">
<input type="hidden" name="post_email_id" id="id_post_email_id">
</div>
<div class="top_border">
<fieldset>
<div class="g-recaptcha captcha-align" data-sitekey="6Led3Y0UAAAAAJ-7oMYEe_3HxpfY8gZQYtDAmzcm"></div>
<p class="captcha form_validation_error" role="alert" aria-live="polite">Please verify that you are not a robot.</p>
</fieldset>
</div>
<input type="hidden" name="lang" id="lang_id" value="en">
<input type="hidden" name="formName" id="formName_id" value="bmo-commercial-send-banker-message">
<input type="hidden" name="url" id="post_url" value="https://commercial.bmo.com/en/us/resource/private-equity-sponsors/bmo-sponsor-finance-transaction-trends-private-credit-fundraising-and-impact-private-equity/?dclid=CKy_vtnBiP8CFd_0EQgdK4kGfg">
<!-- <input type="hidden" name="postFromEmail" value="no-reply@bmoharris.com" /> -->
<input type="hidden" name="postIndustryHidden" id="industry_hidden" value="industry_hidden">
<input type="hidden" name="postSolutionHidden" id="solution_hidden" value="solution_hidden">
<input type="hidden" name="linkPath" id="link_path" value="link_path">
<input type="hidden" name="linkName" id="link_name" value="link_name">
<div class="compliance-statement">Please do not include personal or confidential information in your message</div>
<button type="submit" aria-label="Click to Submit Form" id="submit-button-modal" class="send-message-submit-button btn btn-info">Send now</button>
</form>Text Content
Skip to main content
Personal Private Wealth Business Commercial Capital Markets
SELECT REGION / LANGUAGE
*
* US
* English
*
* Canada
* English
* Français
Back Commercial
Click
INSIGHTS
No match found
INDUSTRIES
No match found
SOLUTIONS
No match found
EXPERTS
No match found
Get On Our Email List
--------------------------------------------------------------------------------
Select the business and financial topics of interest to you and sign up to stay
current on the latest news
Sign Up Now >
* Who We Are
* Industry Expertise
* View all of Industry Expertise
* Agribusiness & Protein
* Agriculture
* Commercial Real Estate
* Correspondent Banking
* Dealer Finance
* Dental Practices
* Educational Institutions
* Engineering & Construction
* Food & Beverage
* Franchise Finance
* Fuel Services & Convenience
* Futures & Securities
* Governments
* Healthcare
* Logistics, Rail and Shipping
* Manufacturing
* Metals
* Not-for-Profit Organizations
* Private Equity Sponsors
* Professional Services
* Retail & Wholesale Distribution
* Specialty Finance
* Technology & Innovation
* Trucking
* We Can Help
* View all of We Can Help
* Addressing Covid 19
* Asset Based Lending
* Business Strategy
* Corporate Advisory
* Doing Business Internationally
* Doing Business in Canada
* Economic Insights
* Equipment Finance
* Finance Growth
* Manage Cash Flow
* Manage Risk
* Mergers & Acquisitions
* Minority-Owned Businesses
* Wealth Management
* Our Bankers
* Our Podcasts
* View all of Our Podcasts
* Markets Plus
* Sustainability Leaders
Back Who We Are
Back Industry Expertise
Back We Can Help
Back Our Bankers
Back Our Podcasts
Contact us Get on our email list
Find
Sign In Bookmarks 0
COMMERCIAL
* Online Banking for Business
* Auto Dealer Access System
* Equipment Finance
* Transportation Finance MyBMOAccount
* Transportation Finance Business Pro 2.0
* Diners Club
* BMO Spend Dynamics
* Personal
* Private Wealth
* Business
* Commercial
* Capital Markets
How can we help? Begin typing to search
GO
United States EN Contact Us Sign-in
* COMMERCIAL
* Online Banking for Business
* Auto Dealer Access System
* Equipment Finance
* Transportation Finance MyBMOAccount
* Transportation Finance Business Pro 2.0
* Diners Club
* BMO Spend Dynamics
SELECT REGION
*
* US
*
* Canada
SELECT LANGUAGE
* English
RESOURCES
* Who We Are
* Industry Expertise
View all of Industry Expertise
* Agribusiness & Protein
* Agriculture
* Commercial Real Estate
* Correspondent Banking
* Dealer Finance
* Dental Practices
* Educational Institutions
* Engineering & Construction
* Food & Beverage
* Franchise Finance
* Fuel Services & Convenience
* Futures & Securities
* Governments
* Healthcare
* Logistics, Rail and Shipping
* Manufacturing
* Metals
* Not-for-Profit Organizations
* Private Equity Sponsors
* Professional Services
* Retail & Wholesale Distribution
* Specialty Finance
* Technology & Innovation
* Trucking
* Agribusiness & Protein
* Agriculture
* Commercial Real Estate
* Correspondent Banking
* Dealer Finance
* Dental Practices
* Educational Institutions
* Engineering & Construction
* Food & Beverage
* Franchise Finance
* Fuel Services & Convenience
* Futures & Securities
* Governments
* Healthcare
* Logistics, Rail and Shipping
* Manufacturing
* Metals
* Not-for-Profit Organizations
* Private Equity Sponsors
* Professional Services
* Retail & Wholesale Distribution
* Specialty Finance
* Technology & Innovation
* Trucking
* We Can Help
View all of We Can Help
* Addressing Covid 19
* Asset Based Lending
* Business Strategy
* Corporate Advisory
* Doing Business Internationally
* Doing Business in Canada
* Economic Insights
* Equipment Finance
* Finance Growth
* Manage Cash Flow
* Manage Risk
* Mergers & Acquisitions
* Minority-Owned Businesses
* Wealth Management
* Addressing Covid 19
* Asset Based Lending
* Business Strategy
* Corporate Advisory
* Doing Business Internationally
* Doing Business in Canada
* Economic Insights
* Equipment Finance
* Finance Growth
* Manage Cash Flow
* Manage Risk
* Mergers & Acquisitions
* Minority-Owned Businesses
* Wealth Management
* Our Bankers
* Our Podcasts
View all of Our Podcasts
* Markets Plus
* Sustainability Leaders
* Markets Plus
* Sustainability Leaders
* 0
Bookmarks
READING LIST
Click the bookmark icon as it appears throughout the site to bookmark
articles and resources.
Come back to this tab to read and share your saved articles.
*
Navigation Skipped
Navigation Skipped
Click
INSIGHTS
No match found
INDUSTRIES
No match found
SOLUTIONS
No match found
EXPERTS
No match found
Get On Our Email List
--------------------------------------------------------------------------------
Select the business and financial topics of interest to you and sign up to stay
current on the latest news
Sign Up Now >
BMO SPONSOR FINANCE TRANSACTION TRENDS – PRIVATE CREDIT FUNDRAISING AND THE
IMPACT ON PRIVATE EQUITY
* Share
Share this page
Share
Share this page
Share page link via email
Share page link via Facebook
Share page link via Twitter
Share page link via Google Plus
Share page link via Linkedin
* bookmark
* print
* Download PDF
Stephen Isaacs | May 11, 2023 | Private Equity Sponsors
Stephen Isaacs | May 11, 2023 | Private Equity Sponsors
Transaction Trends provides private equity sponsors and investors with
middle-market transaction information and insights compiled by the BMO Sponsor
Finance group — information that helps sponsors and investors better understand
the current financing climate in the middle market.
Click here to view the PDF report.
TRICKLING DOWN
Private debt fundraising and the impact on PE.
* “Relative value” was the buzzword in 2022; fixed income investors with broad
mandates looked outside of middle market private credit due to the market
dislocation. As these crossover investors moved elsewhere, PE firms found
less available capital including from long-term financing relationships.
* As a result, hold sizes came down in the second half of 2022; also driven in
part by the CLO market. AAA spreads (>60% of the capital structure) widened
to >250bps from ~150bps in 2021 which created issues with the remaining
tranches returns resulting in a ~46% decline in issuance. This trend pushed
PE firms to include a larger number of lenders within club transactions to
ensure adequate “dry powder”.
* The buzzword now is “overallocation”. As the liquid portions of investor
portfolios have been marked down, private debt has become a larger percentage
of the overall allocation. Despite these challenges, 89% of investors are
expected to either keep flat or invest more capital in private debt going
forward1. We believe the current loan origination vintage will be attractive
with lenders prioritizing discipline around financial covenants, EBITDA
addbacks, and economics. However, it remains to be seen if this will be
enough to calm investors given uncertain macroeconomic outlook, unstable
political climate, depressed publicly traded assets, and relatively
attractive short-term yields.
* As direct lenders continue to raise larger debt funds, alignment of interest
with sponsors, borrowers and investors becomes increasingly important. BMO
has successfully scaled its direct lending platform to approx. $17B by
investing alongside our investors and acting as lead or co-lead agent in 95%
of transactions. This strategy has positioned us as a trusted partner for
those seeking to invest in direct lending strategies.
BMO continued to demonstrate its commitment to the middle market through all
cycles by deploying $4.5Bn in 2022 across 173 transactions (73 new borrowers).
--------------------------------------------------------------------------------
MULTIPLE PERSPECTIVES
Big tech waves make way to the middle market.
The broader technology market has generally experienced outsized growth since
early 2021 after hitting a brief pause in the early days of COVID. Public and
private companies alike have invested heavily in staff and technology as the
workplace environment evolved to a more hybrid state, coupled with greater
emphasis on data security and digital transformation. Although broader
technology spending has continued through the first quarter of this year, recent
economic conditions are impacting the pace of revenue growth as well as leading
to increasing softness in the labor market.
Since the beginning of 2023, there have been nearly 150,000 layoffs in the U.S.
tech market, almost eclipsing the entire figure for 2022. Larger companies
continue to announce new cuts in response to rising inflation and a rocky stock
market; additionally, concerns around future growth would imply further
volatility in the tech industry. Despite this sudden rise in layoffs and
evolving expectations around technology investments, there are some key sectors
within Technology Services demonstrating resilience among their peers.
* Human Capital Management
* While the Technology Services labor market has begun to cool, the overall
labor market remains relatively healthy compared to historical levels. This
continued hiring momentum, combined with the continued shift to a hybrid
working environment, has led to increased demand for Human Capital
Management (“HCM”) services and products. Organizations have been forced
to improve their tools and practices to attract, recruit and retain
employees while also meeting compliance and regulatory standards.
* Talent management and HCM investment is likely to continue regardless of
the near-term or medium-term economic environment. Whether companies are
contracting through layoffs or looking to grow and retain their employee
base during industry specific labor shortages, workforce leaders will
continue to invest in HR and HCM technologies to manage workers more
efficiently. These investments could improve communication or engagement
or focus on the outsourcing of specific tasks like benefits or employee
recordkeeping. This dynamic is expected to drive sustained enterprise
values in the low to upper teens of EBITDA in HCM Technology, while
traditional HR Staffing and Services companies could experience further
deterioration should the labor market decline substantially.
* IT Services
* Managed service and general IT service providers have been in high demand
over recent years in the middle market as Sponsors have focused on buy and
build strategies across the fragmented space outside of the Big Four and
other national providers. Hotter subsectors like networking, enterprise
software implementation and cybersecurity have all increased in trading
activity with valuations varying based on scale and mix of
product/recurring services.
* The same hybrid work environments and increasing digital sophistication
seen in the HCM market pushed these businesses to staff up in recent years
to meet the outsized demand for their services. However, the uncertainty
in the economic environment may lead reduced hiring and a decline in
discretionary IT spending, if only temporarily, as businesses moderate
their growth expectations. Enterprise valuations for offshore IT services
and traditional business process outsourcing should continue to benefit as
companies focus on operating margins and liquidity.
As you consider investments in the Human Capital Management or IT Services
sectors, BMO Sponsor Finance and BMO Middle Market M&A are available to discuss
any questions or areas of focus you may have.
We were pleased to announce late last year the additions of Chris Headrick and
Dev Navare as Co-Heads of our M&A Technology and Business Services practice.
Chris and Dev bring more than 40 combined years of experience in the Tech and
Services space, with specific expertise in Human Capital Management, IT
Services, Software and Tech infrastructure.
Please reach out to your BMO Sponsor Finance or M&A coverage contact at your
earliest convenience for an introduction to the team.
--------------------------------------------------------------------------------
BMO SPOTLIGHT
BMO flexes strength through advisory and financing execution.
* In January 2023, BMO Capital Markets advised client Savage, a global provider
of supply chain infrastructure and services, on its divestiture of
EnviroServe, Inc. (“EnviroServe”) to One Rock Capital Partners (“One Rock”).
BMO’s role as sell-side advisor was the result of extensive environmental
services expertise, a strong track record of middle market M&A execution and
a tenured relationship with Savage.
* EnviroServe is a national provider of environmental, waste remediation and
emergency response services through a network of 35 locations across the U.S.
Key business merits include mission critical, non-deferable service
offerings, substantial geographic footprint and resilient financial
performance.
* In conjunction with One Rock’s acquisition of EnviroServe, BMO’s Sponsor
Finance lending teams played a key role in providing significant capital
commitment during a time of growing uncertainty in debt financing markets,
and worked closely alongside One Rock to tailor a financing package that
uniquely fit its investment thesis. This ultimately lead to BMO Sponsor
Finance serving as Administrative Agent and Lead Arranger for the credit
facilities.
This transaction yet again highlights the strength, capabilities and specific
industry alignment of BMO's client offerings and relationships, which are
particularly meaningful in an uncertain market. BMO will continue to build
momentum through these types of full solution opportunities by leveraging the
thousands of North American middle market business relationships across the
institution, including those resulting from the recent Bank of the West
acquisition.
--------------------------------------------------------------------------------
WE ARE THE EXPERTS
Produce distribution.
* Produce distribution has been a highly active M&A sub-sector over the last
~12 months attracting significant interest from both strategic and private
equity buyers.
* Historically, foodservice (and produce distribution) has been recession
resilient with several favorable macro trends driving growth including
increased dining away from home, better-for-you eating, desire for
experienced-based dining with new flavors, and increased demand for
delivery/take-out.
* In addition to stable demand drivers, the sector has several strong
attributes including a high degree of market fragmentation, strong business
diversity and niche value proposition to traditional broadline distributors.
Private equity has been able to leverage integration experience to acquire
add-ons for their platforms to improve route density as well as expand the
geographic footprint.
* In evaluating produce distribution platforms, BMO tends to focus on reputable
local and regional players that have strong business diversity and an
established track record of differentiation from broadliners, typically based
on high-touch service levels, including frequent and flexible delivery
schedules, minimum order flexibility, breadth of products/specialty items,
and value-added capabilities (i.e. pre-cut offering). Those that maintain
operational discipline and demonstrate differentiation, typically don’t
compete on price and maintain strong customer tenure and retention metrics.
As such, these strong platforms are typically insulated from broadliners that
are more focused on high volume SKUs with standardized delivery schedules for
large, national accounts.
Historically, foodservice (and produce distribution) has been recession
resilient.
* While produce distributors focused on serving the foodservice channel were
some of the most heavily impacted companies at the onset of COVID (due to
social distancing and mandated in-house dining closures), borrowers within
BMO Sponsor Finance’s portfolio and new opportunities reviewed have
demonstrated very strong post-COVID recoveries in FY21 and FY22, with sales
volumes now near or above pre-COVID levels (as shown below), with additional
volume gains still to be realized with the normalization of event and
corporate office channels.
* Further, many produce distributors have seemed to have benefitted from the
strong inflationary environment of food costs in FY21 / FY22 by expanding
gross profit per pound (a key profitability metric BMO evaluates) above
pre-COVID levels given the nature of the cost-plus pricing arrangements.
Most produce distributors are able to pass product costs on quickly
(typically weekly or bi-weekly) with the markup typically being either a
fixed dollar amount or a percentage markup. A key question is evaluating the
sustainability of profitability in the event there was deflation of food
costs from current levels.
* It is common to see EBITDA margin profiles within the segment vary (from
~3-12%), and BMO has seen strong platforms on both ends of the spectrum. Key
areas of focus in understanding the variation are the types of channels /
customers being served, level of route density, how flexible / customized
delivery schedules and order quantities are, what value-added capabilities
are being provided, and the nature of the competitive landscape within the
region.
* Produce distribution continues to be a sector that commands strong lender
appetite given the stable fundamentals of the sector and strong EV support.
The rise in interest rates has been the primary governor on leverage these
businesses can support to ensure cash flows / coverage ratios remain
sufficient.
--------------------------------------------------------------------------------
A PEEK BEHIND THE CURTAIN
A snapshot of BMO's proprietary portfolio and transaction data.
Pricing Trends – All Transactions
* As illustrated in the chart below, spreads on new transactions (inclusive of
LBOs, refinances, and add-ons) began to widen in Q2’22 as market disruption
in the broadly syndicated market earlier in the year began to have downstream
impacts on the middle market.
* Spreads continued to widen in Q3 and Q4 as growing macro economic headwinds,
increased tightening by the Federal Reserve, and lower lender appetite pushed
pricing upwards.
* Existing platforms that have executed a transaction in the last ~9 months
(i.e. incremental for add-on) and previously had favorable rates have likely
seen pricing adjusted to support incremental debt raise needs.
* BMO has seen spreads continue to increase during Q1’23; however, levels have
begun to level off. However, the total impact of the “banking crisis”,
escalating geopolitical tensions, and recession risks remain to be seen.
Quarterly Transaction Activity – All Transactions
* New Deal activity remained lower than prior periods and year-over-year in
Q4’22, which has continued into Q1’23.
* Tightening of appetite within the financing markets (paired with increasing
rates) and dislocations in bid / ask valuations between buyers and sellers
with the softening macro-economic environment, has slowed activity.
* While “A-List” opportunities continue to command strong buyer and lender
interest, particularly with the flight to quality, “B and C-List”
opportunities recently typically have had a strategic buyer angle.
* M&A bankers continue to indicate strong pitch activity and mandate pipelines,
but many processes have been delayed for a more favorable deal making
environment.
* While new platform activity has slowed of late, sponsors remain highly active
in pursuing add-on activity for existing platforms.
--------------------------------------------------------------------------------
NEW TRANSACTION ACTIVITY
Capital Structure Type – New LBOs
* While single tranche structures have been favored in recent years given large
lender holds and simplicity of execution, BMO has seen increasing usage of
senior / junior structures of late.
* We attribute this to a number of factors including (i) pull back in
unitranche lender appetite and hold capabilities, (ii) spiking SOFR and
spreads on senior floating rate debt has made fixed mezzanine paper more
attractive, and (iii) mezzanine lenders increasing willingness to PIK a
higher portion of their yield, which is attractive to cash flow dynamics.
* BMO has also seen increased usage of debt advisors as well as more active
outreach by sell-side bankers prior to launching a process.
Average Total Leverage Trends – New LBOs
* Despite macroeconomic headwinds, closing leverage of new LBOs has largely
remained in-line with past quarters over the last ~12-18 months.
* This is partially driven by a flight to quality by both sponsors and lenders,
where highly attractive and non-cyclical assets continue to command strong
lender interest with similar leverage and valuation multiples as in past
quarters.
* We continue to see a bifurcated market split between high quality assets
which have benefitted from “scarcity value”; where BMO has been active, as
well as profiles that have experienced tremendous ramp in performance with
questionable sustainability. Given the continued increase in SOFR and
spreads, fixed charge coverage ratios have become a focal point for lenders
on how much debt a business can support. As a result of increasing rates,
we’ve seen leverage reads come in 1.0x – 1.5x turns on certain businesses
relative to indications ~12-18 months ago.
* Despite fixed charge coverage becoming a focus, we have yet to see it be
implemented as a formal covenant within the direct lending market.
--------------------------------------------------------------------------------
A WORD FROM OUR GP LENDING COLLEAGUES IN BMO WEALTH MANAGEMENT
Over the years, GP co-investment financing solutions have evolved from retail
credit products to preferred equity financings and GP stake sales. While GP’s
may still use traditional solutions, many are evaluating the pros and cons of
other options available in the market due to:
GP Commitments getting bigger, faster…
* Average years between predecessor & successor funds over the last 10 years
has reduced from 5 years to 3.2 years while the median increase in size from
predecessor has increased from 28% to 50%.2
Slowing realization through 2022 into 2023
* Macroeconomic headwinds factored in a 32% year-over-year decline in private
equity exits in 2022 and nearly 39% year-over-year drop in the value of
private equity acquisitions.3
Introduction of new strategies within a firm
* Sponsors raising a small cap fund alongside a flagship fund.
Increasing investment allocation to GP co-investments vs public markets
* Greater conviction for private markets over public markets creating a
liquidity need.
When evaluating options, we encourage our clients to consider alternatives to
Home Equity Loans and Securities Based Lending. BMO offers our Private Equity
clients a range of alternative options including our GP Co-investment Loan
Program which (i) leverages an underutilized asset (ii) improves personal
borrowing capacity, and (iii) limits debt service costs. If interested in
learning more, please contact your respective Sponsor Finance coverage team or
Garrett Johnson.
Garrett Johnson
Managing Director, Private Equity Credit, BMO Wealth Management
Direct: 312-461-2832
Garrett leads BMO Wealth Management’s Private Equity Credit team which works
with financial sponsors across the country. The teams focuses on providing
liquidity solutions to General Partners for both investment & personal purposes.
Garrett founded the team in 2021 after spending six years in BMO Wealth
Management building a niche business focused on the financial sponsor community.
Prior to Wealth Management, Garrett spent nearly eight years in BMO’s Sponsor
Fund Lending team where he provided fund level credit facilities to leading
middle market focused financial sponsors.
1 PDI Perspectives 2023
2 Prequin & Bain & Company Global Private Equity Report 2023.
3 S&P Global: Slower pace of private equity-backed M&A expected to continue.
*Does not constitute tax advice, consult your tax advisor for tax related
questions or advice.
Read more
STEPHEN ISAACS
MANAGING DIRECTOR AND GROUP HEAD, BMO SPONSOR FINANCE
312-461-6236
312-461-6236
Send Message
Sending message, please wait ...
Send a Message
Send a message to the banker
* Mandatory Fields
Your message has been sent.
The banker will be in contact with you.
First Name*
Initials
Last Name*
Email*
Confirm Email Address*
Select an Industry* Select an Industry Agribusiness And Protein Agriculture Auto
Dealerships Commercial Real Estate Correspondent Banking Dental Practices
Educational Institutions Engineering Construction Food & Beverage Franchise
Finance Fuel Services Futures and Securities Governments Healthcare Logistics,
Rail and Shipping Manufacturing McDonald's Operators Metals Not for profit
Organizations Private Equity Sponsors Professional Services Retail and Wholesale
Distribution Specialty Finance Technology & Innovation Trucking
Select a Solution Select a Solution Addressing Covid 19 Asset Based Lending
Asset Based Lending Business Strategy Corporate Advisory Doing Business In
Canada Doing Business Internationally Economic Insights Employee Solutions
Equipment Finance Finance Growth Manage Cash Flow Manage Risk Mergers And
Acquisitions Minority Owned Businesses Our Impact See Further Sustainability
Wealth Management Who We Are
Other
Select a State* Select a State * Alabama Alaska Arizona Arkansas California
Colorado Connecticut Delaware District of Columbia Florida Georgia Hawaii Idaho
Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts
Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire
New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon
Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah
Vermont Virginia Washington West Virginia Wisconsin Wyoming Outside USA
Select a Revenue Range* Select a Revenue Range * Less than $1MM/year $1MM -
$10MM/year $10MM - $20MM/year Greater than $20MM/year
Company Name
Message*
Please verify that you are not a robot.
Please do not include personal or confidential information in your message
Send now
Send Message
Stephen Isaacs is a Managing Director and head of BMO's Sponsor Finance
group. He was also a founding member of the group in 2010. The group's mandate
…(..)
View Full Profile >
Get On Our Email List
--------------------------------------------------------------------------------
Select the business and financial topics of interest to you and sign up to stay
current on the latest news
Sign Up Now >
WHAT TO READ NEXT.
MIDDLE MARKET M&A UPDATE: Q1 2023
Cameron Hewes | February 23, 2023 | Mergers And Acquisitions, Private Equity
Sponsors
The Economic Cycle and Impact on Middle-Market Deal Financing While access to
debt financing has been favorable to borrowers in recent years, lend…
Continue Reading>
--------------------------------------------------------------------------------
MORE INSIGHTS
WHY WATER ACCESS SHOULD BE PART OF YOUR RISK METRICS
Alex Baniczky May 15, 2023 | Business Strategy, Private Equity Sponsors
There is another risk that many businesses have not incorporated into their
five- and 10-year strategies, and that is wa...
Continue Reading >
MIDDLE MARKET M&A UPDATE: Q1 2023
Cameron Hewes February 23, 2023 | Mergers and Acquisitions, Private Equity
Sponsors
Despite pending interest rate increases and lingering recession concerns, there
is room for optimism....
Continue Reading >
TRANSACTION TRENDS: 2022 YEAR IN REVIEW
Stephen Isaacs February 8, 2023 | Private Equity Sponsors
Transaction Trends provides private equity sponsors and investors with
middle-market transaction information and insight...
Continue Reading >
WHY WATER ACCESS SHOULD BE PART OF YOUR RISK METRICS
Alex Baniczky May 15, 2023 | Business Strategy, Private Equity Sponsors
There is another risk that many businesses have not incorporated into their
five- and 10-year strategies, and that is wa...
Continue Reading >
MIDDLE MARKET M&A UPDATE: Q1 2023
Cameron Hewes February 23, 2023 | Mergers and Acquisitions, Private Equity
Sponsors
Despite pending interest rate increases and lingering recession concerns, there
is room for optimism....
Continue Reading >
TRANSACTION TRENDS: 2022 YEAR IN REVIEW
Stephen Isaacs February 8, 2023 | Private Equity Sponsors
Transaction Trends provides private equity sponsors and investors with
middle-market transaction information and insight...
Continue Reading >
See More Insights
RESOURCE TITLE
Jan 99, 2099 | Primary Category, Secondary Category
short description goes here
--------------------------------------------------------------------------------
FIND A BANKER
Tell us three simple things to
customize your experience.
I work in
Select Industry Agribusiness And Protein Agriculture Auto Dealerships Commercial
Real Estate Correspondent Banking Dental Practices Educational Institutions
Engineering Construction Food & Beverage Franchise Finance Fuel Services Futures
and Securities Governments Healthcare Logistics, Rail and Shipping Manufacturing
McDonald's Operators Metals Not for profit Organizations Private Equity Sponsors
Professional Services Retail and Wholesale Distribution Specialty Finance
Technology & Innovation Trucking
clear selection
I am located in
Select Location Alabama Alaska Arizona Arkansas California Colorado Connecticut
Delaware District of Columbia Florida Georgia Hawaii Idaho Illinois Indiana Iowa
Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota
Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico
New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode
Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia
Washington West Virginia Wisconsin Wyoming Outside USA clear selection
I am looking for
Select Solution Addressing Covid 19 Asset Based Lending Business Strategy
Corporate Advisory Doing Business In Canada Doing Business Internationally
Economic Insights Equipment Finance Finance Growth Manage Cash Flow Manage Risk
Mergers and Acquisitions Minority Owned Businesses Wealth Management clear
selection
Customize my experience
Legal
Legal
COMMERCIAL
* Personal
* Wealth Management
* Small Business
* About BMO
COMMERCIAL
* Who We Are
* Industry Expertise
* Agribusiness & Protein
* Agriculture
* Dealer Finance
* Commercial Real Estate
* Correspondent Banking
* Educational Institutions
* Engineering & Construction
* Food & Beverage
* Franchise Finance
* Futures & Securities
* Governments
* Healthcare
* Manufacturing
* Metals
* Not-for-Profit Organizations
* Private Equity Sponsors
* Professional Services
* Retail & Wholesale Distribution
* Specialty Finance
* Trucking
* Dental Practices
* Fuel Services & Convenience
* Logistics, Rail and Shipping
* Technology & Innovation
* We Can Help
* Asset Based Lending
* Business Strategy
* Doing Business Internationally
* Economic Insights
* Equipment Finance
* Finance Growth
* Manage Cash Flow
* Manage Risk
* Wealth Management
* Corporate Advisory
* Doing Business in Canada
* Addressing Covid 19
* Minority-Owned Businesses
* Mergers & Acquisitions
* Our Bankers
* Our Podcasts
* Markets Plus
* Sustainability Leaders
CONTACT US
* Find a Banker
* Get on our email list
FOLLOW BMO
*
*
*
*
*
* Careers
* Security
* Privacy
* Legal
* Sitemap
* Accessibility
* Modern Slavery Act Statement
* About Us
Banking products are subject to approval and are provided in the United States
by BMO Harris Bank N.A. Member FDIC. BMO Commercial Bank, BMO Equipment Finance
and BMO Transportation Finance are trade names used in the United States by BMO
Harris Bank N.A. Member FDIC. BMO Sponsor Finance is a brand name used by BMO
Financial Corp and its affiliates.
Please note important disclosures for content produced by BMO Capital
Markets. BMO Capital Markets Regulatory | BMOCMC Fixed Income Commentary
Disclosure | BMOCMC FICC Macro Strategy Commentary Disclosure | Research
Disclosure Statements.
BMO Capital Markets is a trade name used by BMO Financial Group for the
wholesale banking businesses of Bank of Montreal, BMO Harris Bank N.A. (member
FDIC), Bank of Montreal Europe p.l.c, and Bank of Montreal (China) Co. Ltd, the
institutional broker dealer business of BMO Capital Markets Corp. (Member FINRA
and SIPC) and the agency broker dealer business of Clearpool Execution Services,
LLC (Member FINRA and SIPC) in the U.S., and the institutional broker dealer
businesses of BMO Nesbitt Burns Inc. (Member Investment Industry Regulatory
Organization of Canada and Member Canadian Investor Protection Fund) in Canada
and Asia, Bank of Montreal Europe p.l.c. (authorised and regulated by the
Central Bank of Ireland) in Europe and BMO Capital Markets Limited (authorised
and regulated by the Financial Conduct Authority) in the UK and Australia.
The material contained in articles posted on this website is intended as a
general market commentary. The opinions, estimates and projections, if any,
contained in these articles are those of the authors and may differ from those
of other BMO Commercial Bank employees and affiliates. BMO Commercial Bank
endeavors to ensure that the contents have been compiled or derived from sources
that it believes to be reliable and which it believes contain information and
opinions which are accurate and complete. However, the authors and BMO
Commercial Bank take no responsibility for any errors or omissions and do not
guarantee their accuracy or completeness. These articles are for informational
purposes only.
This information is not intended to be tax or legal advice. This information
cannot be used by any taxpayer for the purpose of avoiding tax penalties that
may be imposed on the taxpayer. This information is being used to support the
promotion or marketing of the planning strategies discussed herein. BMO Harris
Bank N.A. and its affiliates do not provide legal or tax advice to clients. You
should review your particular circumstances with your independent legal and tax
advisors.
Third party web sites may have privacy and security policies different from BMO.
Links to other web sites do not imply the endorsement or approval of such web
sites. Please review the privacy and security policies of web sites reached
through links from BMO web sites.
Notice to Customers
To help the government fight the funding of terrorism and money laundering
activities, federal law (USA Patriot Act (Title III of Pub. L. 107 56 (signed
into law October 26, 2001)) requires all financial organizations to obtain,
verify and record information that identifies each person who opens an account.
When you open an account, we will ask for your name, address, date of birth and
other information that will allow us to identify you. We may also ask you to
provide a copy of your driver's license or other identifying documents. For each
business or entity that opens an account, we will ask for your name, address and
other information that will allow us to identify the entity. We may also ask you
to provide a copy of your certificate of incorporation (or similar document) or
other identifying documents. The information you provide in this form may be
used to perform a credit check and verify your identity by using internal
sources and third-party vendors. If the requested information is not provided
within 30 calendar days, the account will be subject to closure.
close X
close X
close X
close X
close X