REG - Caledonia Investmnts - Agreement to sell interest in Stonehage Fleming

Caledonia InvestmentsAnnouncement

Tue 09:45

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RNS Number : 6452X  Caledonia Investments PLC  02 September 2025

 

 

This announcement contains inside information

 

Caledonia Investments plc

 

Agreement to sell minority interest in Stonehage Fleming

 

Caledonia Investments plc ("Caledonia") is pleased to announce that, alongside
other shareholders, it has agreed terms for the sale of its minority interest
in Stonehage Fleming Family & Partners Limited ("Stonehage Fleming"), a
multi-family office providing advisory services to many of the world's leading
families and wealth creators, to Corient Private Wealth LLC ("Corient"), a
US-headquartered wealth management and advisory business.

 

The transaction is subject to change in control approval by the Financial
Conduct Authority in the United Kingdom and several other international
regulators and is expected to complete in the first half of 2026.

 

Caledonia acquired its initial stake in Stonehage Fleming in July 2019 and
since then the business has grown strongly both organically and through
acquisition. Supported by Caledonia, the business has continued to expand its
geographic reach and range of services through multiple strategic
acquisitions. Today Stonehage Fleming, led by Executive Chairman Giuseppe
Ciucci and CEO Stuart Parkinson, operates in 14 countries and is the leading
multi-family office in the EMEA region.

 

Subject to the exact timing of completion, Caledonia is expected to receive
cash proceeds, net of transaction expenses, of c.£288m for the sale of its
equity interests. Of this sum approximately £251m will be received on closing
with a further approximately £37m split across two equal tranches payable 6
and 12 months after closing. These proceeds combined with dividends received
to date will represent a multiple on invested cost of 3.2 times. All the cash
proceeds will be held on deposit for future investment. In its audited
accounts as at 31 March 2025, Caledonia's shareholding in Stonehage Fleming
was valued at £221m.

 

In addition, contingent consideration up to a maximum of £9m may become
payable to Caledonia.  The amount of contingent consideration payable is
dependent on Stonehage Fleming's achievement of certain revenue growth targets
over the three year period following completion.

 

Commenting on the sale, Tom Leader, Caledonia's Head of Private Capital, said:

 

"In the six years since our initial investment in Stonehage Fleming in July
2019, the business has further strengthened its position as the largest
independent multi-family office in EMEA, with 20 offices in 14 countries, and
it is now involved in the management, fiduciary oversight and administration
of assets of over US$175 billion. The Stonehage Fleming team have fully
delivered upon our investment thesis which was centred on building scale,
international reach and providing additional services to the fast-growing
ultra high net worth market. We are delighted with what Giuseppe, Stuart and
the broader Stonehage Fleming team have achieved during our partnership. We
thank and congratulate them for their stewardship of the business and wish
them every success in their new partnership with Corient."

 

Giuseppe Ciucci, Chairman of Stonehage Fleming, commented:

 

"The team and I would like to thank Caledonia for their support and resources
over the years. We selected Caledonia as our partner in 2019 because of their
expertise, long-term investment approach, permanent capital and strong
alignment to our ambition. They understood the importance of Stonehage
Fleming's values, heritage and the many clients we serve around the world.
Working together, the Caledonia team helped us to deliver our strategy and
vision, and we are now well positioned for our next phase of growth. We look
forward to combining our resources with Corient to create one of the world's
leading multi-family offices."

 

2 September 2025

 

The person responsible for arranging for the release of this announcement on
behalf of Caledonia is Richard Webster, Company Secretary.

 

For further information contact:

 

 Company contacts                                   +44 20 7802 8080
 Caledonia Investments plc
 Mat Masters

 Chief Executive Officer

 Rob Memmott

 Chief Financial Officer

 Tom Leader

 Head of Private Capital

 Media contacts
 Teneo                                              +44 20 7353 4200
 Tom Murray

 Robert Yates

 caledonia@teneo.com (mailto:caledonia@teneo.com)

LEI: 2138002FX1MYCA5ZZH32

 

END

 

Notes for editors:

 

Caledonia Investments plc

Caledonia is a FTSE 250 self-managed investment trust company with a long
track record of delivering consistent returns and progressive annual dividend
payments to shareholders.

 

Our aim is to generate long-term compounding real returns that outperform
inflation by 3%-6% over the medium to long term, and the FTSE All-Share index
over 10 years.

 

We are a long-term investor and hold investments in both listed and private
markets across three pools: Public Companies, Private Capital and Funds. Each
has a strategic allocation of capital, investment strategy and target return.

 

We buy to hold, investing in high quality companies with strong market
positions and fundamentals, alongside investments in private equity funds with
track records of success. The result is a well-balanced diversified portfolio
of investments with a global reach.

 

In the Private Capital arena, Caledonia typically seeks to invest £50m to
£150m in private companies, either on a majority or minority basis, where
Caledonia provides enduring capital and support to investee company management
teams over the longer term.  The Caledonia Private Capital portfolio includes
Cobehold (the holding company of Cobepa, a European unquoted investment
house), Cooke Optics (a UK manufacturer of premium cinematography lenses),
Butcombe Group (an inns, restaurant and drinks business with a pub estate
stretching from Southwest London to Bristol and the Channel Islands), AIR-serv
Europe (a leading designer and manufacturer of air, vacuum and jet wash
machines provided as turn-key solutions to fuel station forecourt operators)
and Direct Tyre Management (the UK's leading independent provider of
outsourced tyre management services to fleet operators).

 

For additional information on Caledonia Private Capital, please visit
www.caledoniaprivatecapital.com (http://www.caledoniaprivatecapital.com) and
for Caledonia please visit www.caledonia.com (http://www.caledonia.com) .

 

Stonehage Fleming Family & Partners Limited

Stonehage Fleming is a full service multi-family office, often working in
conjunction with other trusted advisers, which is able to draw on over 40
years of practical experience helping discerning clients address the
challenges of creating and preserving wealth. The firm's clients have
entrusted it with the management, fiduciary oversight and administration of
assets in excess of US$175bn. Stonehage Fleming provides its services from 20
offices in 14 geographies.

 

For additional information on Stonehage Fleming, please visit
www.stonehagefleming.com (http://www.stonehagefleming.com) .

 

Corient Private Wealth LLC

Corient Private Wealth LLC is an integrated national U.S. wealth management
firm providing comprehensive solutions to ultra-high-net-worth and
high-net-worth clients. Corient combine the personal service, creativity and
objective advice of a boutique with the power of an exclusive network of
experienced advisors, capabilities and solutions to create a profoundly
different wealth experience. As fiduciaries, Corient puts clients at the
center of everything they do. They focus on exceeding expectations,
simplifying lives and establishing lasting legacies. Headquartered in Miami,
Florida, Corient has offices across the United States.

 

For more information, visit www.corient.com (https://corient.com/) .

 

Transaction

The sale of Stonehage Fleming was led by Tom Leader and Tim Lewis for
Caledonia. Travers Smith (Adam Orr, Max Conway) provided legal advice to
Caledonia.

 

Neither the contents of Caledonia's nor Stonehage Fleming's websites, nor the
contents of any website accessible from hyperlinks on these websites (or any
other website) is incorporated into, or forms part of, this announcement.

 

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