REG - Kingswood Holdings - Kingswood completes acquisition of SAM

Kingswood HoldingsAnnouncement

14/11/2022 07:00

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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 £10.5bn 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 £8bn
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 £200m of AUA.

 

In the year ending 31 March 2022, SAM generated revenue of £1.2m and profit
before tax of £517k. The business will be acquired for total cash
consideration of up to £5.1m, payable over a two-year period, £3.1m 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         +44 (0)20 7293 0730
 David Lawrence                     www.kingswood-group.com (http://www.kingswood-group.com/)
 finnCap Ltd (Nomad & Broker)       +44 (0)20 7220 0500
 Simon Hicks / Abigail Kelly
 Greentarget (for Kingswood media)  +44 (0)20 7324 5498

 Jamie Brownlee / Ellie Basle       Jamie.Brownlee@greentarget.co.uk (mailto:Jamie.Brownlee@greentarget.co.uk)

 

About Kingswood

Kingswood Holdings Limited (trading as Kingswood) is an AIM-listed (AIM: KWG)
international fully integrated wealth management group with circa £9.5
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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