Kingswood Holdings has exchanged and completed a deal for Aim Independent, an independent financial advice business, for £3.6m ($4.9m).
The acquisition of the Eastleigh-based firm boosts Kingswood’s UK client facing advisory team to 94 people.
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By GlobalDataIn addition, UK funds under advice/management will rise to over £7.2bn ($9.8bn) from around 19,300 active clients.
David Lawrence, UK CEO at Kingswood, commented: ‘’My ambition for Kingswood is to become a leading wealth management advisory and Investment management business, breaking the £7bn AUA/M mark is a huge signal to that as we continue to grow our geographical footprint across the UK. Our acquisition of Aim will further expand that reach into a new county in the South. Aim was founded in 2000 and is run by Phil Watson and Andy Davies, who between them they have over 60 years’ experience and an unrivalled commitment to their clients, which fits in perfectly with the culture and ethos at Kingswood.
‘’This is our fourth acquisition of 2022 and we continue to have a strong pipeline of high-quality UK opportunities under negotiation, three of which are in exclusive due diligence. Our next near-term target is to build our UK AUA/M to in excess of £10bn in the U.K. and £14bn globally and we have the balance sheet to do so.’’
Phil Watson, company principal at Aim, added: ‘’We had two objectives we wanted to achieve when we began to search for a potential buyer, succession planning and economies of scale. With Kingswood we believe we have found the qualities of leadership, talent and knowledge to build on our reputation and create a stronger company with new pathways for growth. We are confident that we have made the right choice for both our colleagues and our clients for their future prosperity.”
Kingswood will pay £7.65m of the deal price at the time of closing. The remainder will be paid by the company on a deferred basis over a two-year period, subject to certain pre-agreed performance targets, reported FT Adviser.
