Caledonia Investments PLC Acquisition (0694F)

TIDMCLDN

RNS Number : 0694F

Caledonia Investments PLC

10 July 2019

CALEDONIA INVESTMENTS COMPLETES THE ACQUISITION OF A MINORITY STAKE IN STONEHAGE FLEMING

On 21 December 2018, Caledonia Investments plc ("Caledonia") announced (under RNS number 2515L) that it had agreed to acquire a minority stake in Stonehage Fleming & Family Partners Limited ("Stonehage Fleming")(the "Transaction"), one of the world's leading independently owned family offices. The Transaction was structured as part of a tender offer and share buy-back offer made to Stonehage Fleming's existing shareholders and was conditional on obtaining regulatory approvals in a number of jurisdictions. Caledonia is pleased to advise that these approvals have now been received and accordingly the Transaction has been completed.

Stonehage Fleming was formed in 2015 through the merger of Stonehage Group and Fleming Family & Partners. Stonehage Fleming is the largest family office in Europe, Middle East and Africa ("EMEA") and the second largest non-bank provider of family office services globally, a market which is estimated to be growing at around 9% per annum, driven by the rising demand of ultra-high net worth families for assistance in the organisation of their wealth.

Caledonia has acquired a 36.7% equity stake in Stonehage Fleming for GBP89.3m, with additional deferred consideration of up to a maximum of GBP20.6m payable contingent on Stonehage Fleming achieving certain financial targets for its years ending 31 March 2020 and 2021. As part of the original agreement, Caledonia had committed to underwrite a GBP30m term loan facility for Stonehage Fleming to part-fund the tender and share buy-back offers. This commitment is no longer required as the term loan has been put in place with a syndicate of international banks prior to completion.

10 July 2019

For further information contact:

 
 Caledonia Investments 
  plc                              [phone] 
 Will Wyatt, 
  Chief Executive 
 
   Duncan Johnson, 
   Head of Unquoted Investments 
 
 Media contact: 
 
 Tulchan Communications            [phone] 
 Lisa Jarrett-Kerr 
  Martin Pengelley 
 
 

END

Notes for editors:

Caledonia Investments plc

Caledonia is a self-managed investment trust company listed on the London Stock Exchange with net assets of GBP2.0bn as at 30 June 2019. The company maintains a long term global portfolio of listed, private company and fund investments and has paid an increasing annual dividend for 52 years.

In the unquoted arena, Caledonia seeks to invest up to GBP125m in private companies, either on a majority or minority basis, providing a meaningful presence and growth capital supporting double-digit operating margins. In addition to Stonehage Fleming, its unquoted portfolio includes Deep Sea Electronics (a world leading designer and manufacturer of controllers for diesel-powered electricity generators and intelligent battery chargers), Cobehold (a European unquoted investment house), Seven Investment Management (a provider of discretionary fund management, asset management and self-invest platform services), Buzz Bingo (the UK market leading retail bingo operator), Cooke Optics (a leading manufacturer of premium cinematography lenses) and Liberation Group (a Channel Islands and South-West England integrated pub and brewing business).

For additional information on Caledonia, please visit www.caledonia.com.

Stonehage Fleming Family & Partners Ltd

Stonehage Fleming is one of the world's leading independently owned family offices and the largest in EMEA, as measured by its breadth of services, geographic reach and by assets under management, advice and administration.

Stonehage Fleming provides a range of services from long-term strategic planning and investments to day-to-day advice and administration to well over 250 substantial families of wealth. The Group advises on over GBP45bn ($55bn) of assets and includes an investment business with more than GBP10bn ($13bn) under management for families and charities. The Group employs over 560 people in 11 offices in eight geographies around the world.

For further information on Stonehage Fleming, please visit www.stonehagefleming.com.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

END

ACQGGURAMUPBUMU

(END) Dow Jones Newswires

July 10, 2019 04:01 ET (08:01 GMT)