Wed, 26 Jan 2022 | BUSINESS SALE
Wealth and investment management group Kingswood has continued its recent acquisition drive with the takeover of South Yorkshire-based independent financial advisor (IFA) DJ Cooke Financial Planning.
The town of Conisbrough, DJ Cooke is a long-established IFA which specialises in retirement and financial planning services. The firm’s sole adviser is CEO David Cooke and it has around 340 clients and approximately £70 million in assets under administration (AUA).
The acquisition, Kingswood’s first of 2022, was completed for £1.5 million, approximately a 6.6x multiple of DJ Cooke’s £227,000 EBITDA for the 2021 calendar year, generated on unaudited revenue of around £474,000.
The consideration is payable over a period of two years, with £749,000 to be paid on closing and the remaining balance payable on a deferred basis, with some being subject to certain pre-agreed targets being achieved.
The takeover brings Kingswood’s AUA to more than £8 billion across global retail and institutional clients, while its UK-based funds under management increase to £6.3 billion, with approximately 16,240 active clients.
The deal was financed using funds from a recent issue of £3 million in convertible preference shares. This was the eleventh tranche of shares issued under investment management firm Pollen Street’s £80 million commitment to Kingswood.
Through this partnership, Pollen Street has provided Kingswood with £77.4 million in growth equity to support its acquisition drive. Last year, Kingswood completed a number of acquisitions, including deals for IBOSS and Admiral Wealth Management, and says it has a strong pipeline of potential future deals for 2022.
Kingswood UK CEO David Lawrence said: "'I am delighted to welcome David and the team at DJ Cooke Financial Planning into Kingswood. This is our first acquisition of 2022 and we continue to have a strong pipeline of high-quality UK opportunities under negotiation, five of which are in the exclusive due diligence stage."
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