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June 26, 2019

Kingswood prepares acquisition pipeline

UK-based wealth manager Kingswood has agreed non-binding heads of terms with a provider to pursue its acquisition activities.

The agreement is related to an equity investment in the form of convertible preference shares.

The name of the provider was not disclosed, though Kingswood described it as a “provider of substantial permanent growth capital”.

Kingswood is currently carrying out due diligence reviews of the equity provider.

The move is pending regulatory and shareholder approvals.

“This injection of capital would be consistent with the Group’s stated strategy of pursuing accretive acquisitions across the UK and internationally, a number of which are in advanced stages of negotiation with due diligence being undertaken,” Kingswood stated.

Kingswood is said to have an acquisition pipeline of more than £100m.

Last month, Kingswood inked its first US partnership by taking a stake in Manhattan Harbor Capital.

Earlier this year, the firm purchased Oxfordshire-based Thomas & Co Financial Services.

Kingswood offers a range of services including investment management, personal and company pensions, wealth planning, and stockbroking and has an active client base of over 4,500.

It has a presence in London, Manchester, Cheltenham, Maidstone, Worcester, Beverley and Abingdon as well as Johannesburg.

The firm manages £2bn in assets.

A couple of weeks ago, Kingswood partnered with Flagstone to offer a cash proposition to its customers.

 

 

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