REG - Caledonia Investmnts - Completion of Stonehage Fleming sale

Caledonia InvestmentsAnnouncement

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RNS Number : 4466G  Caledonia Investments PLC  01 June 2026

Caledonia Investments plc

Completion of sale of minority interest in Stonehage Fleming

Caledonia Investments plc ("Caledonia") is pleased to announce the completion
of the sale of its minority interest in Stonehage Fleming Family &
Partners Limited ("Stonehage Fleming"), a multifamily 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.

Since acquiring its initial stake in July 2019, Caledonia has worked closely
with Stonehage Fleming's management team to strengthen its position as the
leading independent multi-family office in EMEA and the second largest
globally. During this period, the business has achieved strong cross-border
growth both organically and through targeted acquisitions, expanding
internationally and broadening its service offering to meet the increasingly
complex needs of its clients.

Caledonia received cash proceeds, net of transaction expenses of £290m. This
includes the proceeds that were previously expected six and twelve months post
completion. In addition, the contingent consideration has been confirmed as a
payment of approximately £4m, split between two and three years following
completion.  These proceeds combined with dividends received to date will
represent a multiple on invested cost of 3.2 times, an IRR of 20% and a 33%
uplift versus the 31 March 2025 carrying value.

On completion, Private Capital will represent approximately 23% of Caledonia's
net asset value, compared with its strategic allocation range of 25-35%. The
realisation further strengthens Caledonia's liquidity position and provides
additional flexibility to support future investment opportunities. We expect
to reinvest a meaningful proportion of the realised proceeds into Private
Capital, while maintaining our disciplined approach of investing only where we
identify high-quality businesses at attractive valuations. In the meantime,
the proceeds will be held on deposit and assessed alongside opportunities for
all three pools and share buybacks.

Commenting on the completed sale, Mat Masters, Caledonia's CEO, said:

"The sale of Stonehage Fleming is a fantastic outcome for Caledonia and an
excellent example of our approach - investing in high quality compounding
businesses and supporting management teams as they scale.

I would like to thank Giuseppe Ciucci and the Stonehage Fleming team for their
partnership and my colleagues for their dedication in supporting the business
throughout our ownership. We are very proud of what has been achieved and wish
Giuseppe and his team every success in the next phase of Stonehage Fleming's
growth."

1 June 2026

 

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)

 

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) .

 

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