Kingswood Holdings Limited Kingswood completes acquisition of SAM (2231G)

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RNS Number : 2231G

Kingswood Holdings Limited

14 November 2022

Kingswood Holdings Limited

(" Kingswood" or the "Group")

Kingswood announces the acquisition and completion of Strategic Asset Managers Limited (SAM) based in Glasgow

The transaction boosts Kingswood's global funds under advice/management to over GBP10.5bn matching our ambition to grow as an international fully integrated wealth and investment management group

Kingswood assets under advice/management in the UK&I totals over GBP8bn from a combination of retail and institutional clients

Kingswood Holdings Limited (AIM: KWG), the international, fully integrated wealth and investment management group, is pleased to announce the acquisition and completion of Strategic Asset Managers Limited (SAM) a leading financial advice firm based in Glasgow.

David Lawrence, Kingswood Group CEO , commented: "I'm pleased to announce another step forward in the growth of Kingswood as we expand our footprint into Scotland. When we are considering acquisitions, we do so with the upmost care, to ensure cultural and client focused alignment. SAM are focused on helping clients across the central belt of Scotland and Perthshire achieve a confident financial future. The opportunity to build our relationships across Scotland is an exciting one as we strive to help more people achieve their goals.

"Kingswood's build and buy strategy continues, with a further four purchase transactions under exclusive due diligence, that we expect to close in the coming months, plus additional transactions that are currently under negotiation."

About SAM

SAM works with families, businesses and professional partners across the central Scotland and Perthshire areas. They are deeply committed to helping their clients by building long lasting relationships through their tailored financial plans. The team have three advisers and a total of eight employees, managing over 400 clients with over GBP200m of AUA.

In the year ending 31 March 2022, SAM generated revenue of GBP1.2m and profit before tax of GBP517k. The business will be acquired for total cash consideration of up to GBP5.1m, payable over a two-year period, GBP3.1m paid on completion and the balance paid on a deferred basis which is subject to the achievement of pre-agreed performance targets.

Consideration

Kingswood will satisfy the consideration through the utilisation of its new funding facility, as announced on 17 October 2022.

Derek Stewart, Chief Executive of SAM commented: "SAM was formed in 2001 and put the client at the centre of our proposition through our highly qualified and dedicated team of professionals. Delivering advice in today's complex markets requires significant resources which Kingswood have and it is no coincidence that they have the same values as SAM; Integrity, Teamwork and Impact. We operate in a very similar way and believe this will benefit our clients and present greater development opportunities for our staff. We're proud to be the first Scottish firm to become part of the Kingswood Group."

Fiona Stewart , Managing Director of SAM commented: "We have worked closely with Kingswood's key personnel during the due diligence process and have been impressed by the quality of their people, their vision and technology. Joining Kingswood will allow our clients and staff access to technology and resources that were out of our reach as a smaller advisory firm."

For further details, please contact:

 
 Kingswood Holdings Limited           [phone] 
 David Lawrence                       www.kingswood-group.com 
 finnCap Ltd (Nomad & Broker)        [phone] 
 Simon Hicks / Abigail Kelly 
 Greentarget (for Kingswood media)   [phone] 
  Jamie Brownlee / Ellie Basle        [e-mail] 
 

About Kingswood

Kingswood Holdings Limited (trading as Kingswood) is an AIM-listed (AIM: KWG) international fully integrated wealth management group with circa GBP9.5 billion of assets under advice and management. It services circa 19k clients from a growing network of offices across the UK with overseas offices in South Africa and the 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 building on its position as a leading player in the wealth and investment management market through targeted acquisitions, creating a global business through strategic partnerships.

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November 14, 2022 02:00 ET (07:00 GMT)