LONDON, UK: Kingswood Holdings Limited (AIM: KWG) announced it has agreed 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. Kingswood Holdings Limited is the international, fully integrated wealth and investment management group.
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.”
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.
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.
Kingswood’s partnership with Pollen Street has provided growth equity of £77.4 million to support existing and future acquisitions.
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.