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Seattle-based investment bank Cascadia Capital announced a strategic growth equity investment from a fund affiliated with Atlas Merchant Capital on September 14, 2022. GeekWire reported the investment was more than $50 million. Cascadia said it planned to use the capital and Atlas’s support to expand its services and national reach.
What was the deal?
Cascadia said it had reached a definitive agreement for strategic growth equity from an Atlas-affiliated fund. The company did not disclose the amount in its available announcement; GeekWire reported it as more than $50 million. Cascadia’s announcement and GeekWire’s report were published September 14, 2022.
GeekWire characterized a substantial minority investment in an independent advisory investment bank as unusual. Cascadia co-founder and CEO Michael Butler told the outlet, “They are few and far between.” That is Butler’s assessment, not a quantified measure of investment-bank transactions.
What Cascadia planned to expand
Cascadia said it intended to put the investment toward continued growth across its business, including:
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- Geographic reach and team size nationwide.
- Products and industry coverage, as well as coverage of financial sponsors.
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- Its M&A and strategic advisory teams and industry verticals.
GeekWire also reported plans to grow consulting in capital raising and valuation. Butler said the deal would help Cascadia “close the gap” with competitors and give managing directors more ownership. These were announced intentions; the deal announcement does not establish that every planned expansion was completed.
Who advised Cascadia?
Houlihan Lokey announced that it advised Cascadia on the transaction. The available announcements do not state Cascadia’s valuation, the exact ownership percentage, governance rights, or the full investment terms.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What later developments show—and do not show
In a December 4, 2025, announcement, Cascadia described launching an Equity Capital Solutions practice focused on deal-by-deal capital formation and advisory, led by managing directors Simeon Ketchum and Peter Purcell. This documents a later platform development, but Cascadia’s announcement does not say it resulted from the 2022 investment.
Atlas founder Bob Diamond offered his view of the opportunity in GeekWire’s 2022 report: “Across the broader investment banking landscape, large Wall Street banks have become less entrepreneurial, less versatile, and more like utilities.” This is Diamond’s opinion, not an independently established description of large banks generally.
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Cascadia CEO Michael Butler said in the company announcement: “We have achieved record growth in recent years and are thrilled to have found the right partners in Atlas to continue on this exciting trajectory,”
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