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Kingswood Holdings Ltd - London-based wealth manager - Will acquire Harrogate-based Metnor Holdings Ltd, which is the holding company for IBOSS Asset Management Ltd and Novus Financial Services Ltd.
IBOSS provides managed portfolio services and other investment services, while Novus is a regional independent financial adviser focused in the north of England.
Kingswood will pay an initial GBP9.6 million in cash, up to GBP6.4 million as a deferred consideration, depending on the achievement of certain performance targets, and a performance based earn-out linked to the three-year earnings before interest, tax, depreciation and amortisation rise for IBOSS.
"Kingswood's tailored Personal Portfolio Service will strongly complement the Portfolio Management Services and Managed Portfolio Services products provided by IBOSS, with Kingswood also benefiting from IBOSS' OEIC products, as together we develop a full range of investment solutions for clients," says UK Chief Executive Officer David Lawrence.
Current stock price: 28.50 pence
Year-to-date change: up 5.6%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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