REG - Kingswood Holdings - Kingswood to acquire Moloney Investments Ltd

Kingswood HoldingsAnnouncement

26/09/2022 07:00

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RNS Number : 5379A  Kingswood Holdings Limited  26 September 2022

Kingswood Holdings Limited

("Kingswood" or the "Group")

Acquisition of Moloney Investments Ltd

 

Kingswood announces the proposed strategic acquisition of Moloney Investments
Ltd ("MMPI"), a leading financial advice firm based in Dublin, Ireland

 

The transaction boosts Kingswood's client facing advisory team to over
100 people and funds under advice/management to over £7.8bn across both the
UK & Ireland

 

Kingswood Group assets under advice ("AuA") will total over £10 billion from
a combination of both global retail and institutional clients matching our
ambition to grow globally as an international fully integrated wealth and
investment management group

 

 

Kingswood Holdings Limited (AIM: KWG), the international, fully integrated
wealth and investment management group, is pleased to announce the proposed
strategic acquisition of MMPI, a leading financial advice firm based in
Dublin, Ireland (the "Acquisition"). The acquisition remains subject to
regulatory approval.

 

David Lawrence, Kingswood Group CEO, commented: "I am delighted to announce
our acquisition of MMPI, Kingswood's seventh acquisition of the year and a
highly strategic investment for the Group. MMPI provides access to the
attractive Irish wealth management market whilst also offering multiple new
avenues for growth. Bryan Moloney and his senior team have done an exceptional
job building MMPI into a successful, scaled, and differentiated financial
advisory group with a reputation for exceptional client service. I look
forward to working with Bryan and his team to continue the Kingswood growth
story.

 

''As communicated in the announcement of our 2022 Interim results, in addition
to MMPI we have a strong pipeline of activity with a further eight potential
acquisitions in exclusive due diligence."

 

About Moloney Investments Ltd

Established in 1993, MMPI is a leading financial advisory group based in
Dublin, Ireland providing financial planning, general and protection
insurance, as well as investments, pensions, and mortgage advice to
principally mass affluent and high net worth individuals. MMPI currently
employs 54 people, including 18 advisors.

 

The Acquisition of MMPI presents a highly strategic acquisition for Kingswood
for the following key reasons:

·   Entry into Ireland - Ireland is a EUR 40bn 1  (#_ftn1) wealth management
market that shares many similar market and cultural similarities to the UK
with the mass affluent segment of the market in particular experiencing
persistent growth;

·   High quality platform - MMPI offers an opportunity to acquire a high
quality, full service, and scaled financial advisory group with a long term
track record of growth. The business is run by an experienced and high calibre
management team that have strong cultural alignment to the rest of Kingswood;

·     Further consolidation opportunity - with the Irish wealth management
market experiencing many similar trends to the UK, MMPI offers an attractive
platform for further consolidation in addition to Kingswood's existing
strategy in the UK;

·   Product cross-sell - opportunity for MMPI's clients to benefit from
Kingswood's leading in-house investment proposition and Kingswood's clients to
conversely benefit from MMPI's insurance and other product distribution
capabilities.

 

On a pro forma basis, for the 12 months to 30 April 2022, MMPI had EBITDA of
EUR 4.0m and in excess of EUR 700m assets under advice.  Following receipt of
regulatory approval, Kingswood will acquire 70% of MMPI for a total cash
consideration of EUR 25.8m, with the existing shareholders retaining the
remaining 30% and benefiting from the growth in the business as both
management teams work together to grow MMPI and the wider Kingswood group both
organically and through further acquisitions. Post-Acquisition, MMPI will
continue to operate from its existing premises and be led by the same
experienced team that have served its clients since inception in 1993.

 

Consideration

Upon regulatory approval for change of control being received, Kingswood will
satisfy the consideration due to the shareholders of MMPI through a new debt
facility it expects to complete prior to the closing of the Acquisition.

 

Bryan Moloney, MMPI CEO commented: "We are delighted to announce Kingswood's
investment in MMPI. This is an exciting development for the business providing
additional expertise, capability, and funding to continue MMPI's long term
track record of both organic and inorganic growth, whilst supporting our
vision of serving private and corporate clients with a best in class platform
and service. Kingswood shares our vision and beliefs of empowering its
employees to provide excellent client service and I am confident that their
investment provides a great outcome for both our employees and clients
alike.''

 

 

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 / Alice Gasson / 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
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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