UK-based wealth management firm Kingswood is in the process of agreeing a “capital injection” to fund its acquisition pipeline.
The firm said that it has agreed “non-binding [letters of potential interest] with a provider of substantial permanent growth capital with regards to a potential equity investment in the form of convertible preference shares and is now undertaking an extensive due diligence exercise”.
When the company’s results came out in April 2019, it reported that its M&A plans were in excess of £100m ($127m, €112m).
Deals galore
Kingswood has made a lot of acquisitions over the last few months.
It acquired UK financial advisory firm Marchant McKechnie for approximately £4m in October 2018; followed by Thomas & Co for £3.3m in February 2019.
The wealth manager also expanded its offerings to provide property investments through a cooperation agreement with its affiliate Moor Park Capital Partners, an independent pan-European real estate investment firm.
Additionally, it entered the US market in May 2019 through the acquisition of a 7% stake in registered investment adviser consolidator Manhattan Harbor Capital.
“We have a strong pipeline of opportunities we are currently evaluating,” said Gary Wilder, group chief executive of Kingswood, back in February 2019.
“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.”