Caledonia Investments has finalised the acquisition of a minority stake in multi family office Stonehage Fleming & Family Partners after securing regulatory approval.
The deal was announced last December. It is part of a tender offer and share buy-back offer to shareholders of Stonehage Fleming.
At the time of the deal’s announcement, Caledonia head of unquoted investments Duncan Johnson said: “The increasingly complex ultra-high net worth market offers very attractive long term growth dynamics, which will offer significant opportunities to Stonehage Fleming given its breadth of service and geographical reach.”
Under the agreement, Caledonia took a 36.7% equity stake in Stonehage Fleming.
The consideration paid is £89.3m. The deal also includes the provision of up to £20.6m additional consideration on fulfillment of certain targets.
As per the initial plan, Caledonia agreed to underwrite a £30m term loan facility for Stonehage Fleming to partially finance the tender and share buy-back offers.
“This commitment is no longer required as the term loan has been put in place with a syndicate of international banks prior to completion,” Caledonia said.
Stonehage Fleming was created by consolidating Stonehage Group and Fleming Family & Partners.
The firm is said to be the largest family office in the EMEA region. It is also said to be the second largest non-bank family office services provider across the world.
Around four years ago, Caledonia acquired a majority stake in Seven Investment Management (7IM).
