Last checked at 12 May 2022 07:00
RNS
KINGSWOOD HOLDINGS LIMITED
Acquisition of Vincent & Co Ltd
Kingswood Holdings Limited ("Kingswood") announces the acquisition of Vincent & Co Ltd ('Vincent & Co')
Kingswood Holdings Limited (AIM: KWG), the international, fully integrated wealth and investment management group, is pleased to announce it has exchanged on the acquisition of Vincent & Co Ltd, a privately owned independent financial adviser firm based near Market Rasen in Lincolnshire. The acquisition is subject to regulatory approval.
David Lawrence, UK CEO at Kingswood, commented: "I'm delighted to announce the acquisition of Vincent & Co, our fifth acquisition this year. Vincent & Co have been established for over 20 years and have built deep relationships with their clients and an ethos which matches ours at Kingswood. This is a great opportunity to make an acquisition that consolidates our presence in Lincolnshire.
"During 2022 we will continue to focus on our acquisition activity. We have a strong pipeline of activity, with four potential acquisitions in exclusive due diligence. Our near-term target is to build our UK AUA/M in excess of £10bn in the U.K. and £14bn globally."
About Vincent & Co Limited
Vincent & Co, ran by Mark Vincent, provides financial advice to over 130 clients in the Lincolnshire area. They hold £25m AuA and in the year ending 31 October 2021 generated revenue of £135k, and profit before tax of £83k.
Following regulatory approval, the business will be acquired for total cash consideration of up to £421k, payable over a two-year period, £211k will be paid upon completion of the transaction and the balance paid on a deferred basis.
Consideration
The acquisition will be funded from cash received by Kingswood from the issue of new convertible preference shares, under the terms of its Convertible Preference Share subscription agreement with HSQ INVESTMENT LIMITED, a wholly owned indirect subsidiary of funds managed and/or advised by Pollen Street Capital Limited ("Pollen Street"). Kingswood's partnership with Pollen Street has provided growth equity of £77.4 million to support existing and future acquisitions.
For further details, please contact:
Kingswood Holdings Limited | +44 (0)20 7293 0730 |
David Lawrence | www.kingswood-group.com |
finnCap Ltd (Nomad & Broker) | +44 (0)20 7220 0500 |
Stuart Andrews / Simon Hicks / Abigail Kelly | |
GreenTarget (for Kingswood media) Jamie Brownlee / Alice Gasson / Ellie Basle | +44 (0)20 7324 5498 Jamie.Brownlee@greentarget.co.uk |
About Kingswood
Kingswood Holdings Limited (trading as Kingswood) is an AIM-listed (AIM: KWG) international fully integrated wealth management group with circa £9.0bn billion of Assets under Advice and Management. It services circa 19,000 clients from a growing network of offices in the UK including Abingdon, Beverley, Conisbrough, Darlington, Derby, Eastleigh, Grimsby, Harrogate, Hull, Lincoln, London, Maidstone, Newcastle, Sheffield (2), Worcester and York with overseas offices in Johannesburg, South Africa and Atlanta, New York and San Diego in US.
Kingswood offers a range of trusted investment solutions to its clients, which range from private individuals to some of the UK's largest universities and institutions, including investment advice and management, personal and company pensions and wealth planning. Kingswood is focused on becoming a leading player in the wealth and investment management market through targeted acquisitions in the UK and US, creating a global business through strategic partnerships.
Registered office address: Mont Crevelt House, Bulwer Avenue, St. Sampson, Guernsey, GY2 4LH