Wealth manager Kingswood has acquired Thomas & Co Financial Services, an Oxfordshire-based financial advisory firm.
The acquired entity provides personal and company pensions, investments and tax planning services. The business tends to nearly 500 clients.
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Kingswood will pay a maximum consideration of £3.3m for the transaction, which includes an initial cash payment of £1.5m.
The balance will be paid based on profitability metrics over three years.
The deal adds around £150m in assets under advice to Kingswood’s books.
With the takeover, Kingswood’s assets under advice grow to £1.9bn and its active client numbers increases to over 4,500.
Thomas & Co principals and employees will move to Kingswood as part of the deal. They will remain based in Abingdon.
Kingswood expects the deal to be immediately accretive to its earnings.
Kingswood group CEO Gary Wilder added: “Our integrated wealth and investment management platform provides Kingswood with a strong competitive advantage and enables us to drive growth initiatives under a common brand.
“Our strategy remains firmly focused on seeking opportunities, domestically and internationally, to drive growth in revenue and assets under management and advice, through acquisition and by attracting best in class wealth and investment talent to the Kingswood platform. We have a strong pipeline of opportunities we are currently evaluating.”
Additionally, Kingswood introduced its managed portfolio service.
The service will offer exposure to multiple strategies such as income generation, passive investment and ethical investments.
Besides, the firm is exploring offerings across fixed income and alternatives in private equity, real estate, infrastructure, hedge funds, liquids and credit asset classes.
