LONDON: Caledonia Investments plc said Tuesday it has agreed to sell its minority stake in Stonehage Fleming Family & Partners Ltd., a leading multi-family office, to U.S.-based wealth advisory firm Corient Private Wealth LLC.
The transaction, which includes other shareholders, is subject to regulatory approvals in the United Kingdom and other jurisdictions. Completion is expected in the first half of 2026.
Caledonia first invested in Stonehage Fleming in July 2019. Since then, the firm has expanded significantly through organic growth and acquisitions, now operating in 14 countries across the EMEA region. Stonehage Fleming manages and oversees assets exceeding $175 billion, serving ultra-high-net-worth families globally.
Upon closing, Caledonia expects to receive approximately £251 million in cash, with an additional £37 million payable in two equal tranches six and twelve months post-completion. Including dividends received to date, the total return represents a 3.2x multiple on invested capital. As of March 31, 2025, Caledonia valued its stake at £221 million.
An additional contingent payment of up to £9 million may be received, depending on Stonehage Fleming’s revenue performance over the three years following the deal’s completion.
Tom Leader, Head of Private Capital at Caledonia, praised the firm’s growth trajectory: “Stonehage Fleming has delivered on our investment thesis of scale, international reach, and expanded services for the ultra-high-net-worth market. We congratulate the team and wish them continued success with Corient.”
Stonehage Fleming Chairman Giuseppe Ciucci thanked Caledonia for its long-term support: “Caledonia’s permanent capital and strategic alignment helped us execute our vision. We’re excited to enter our next chapter with Corient.”