Kingswood Holdings has acquired WFI Financial, a financial planner based in Sheffield, in a transaction worth up to £14m.
The payment will be staggered over a two and a half year period. Both principals of WFI Financial, Charlie Gillespie and Mark Rendall, will be integrated into Kingswood.
WFI Financial has assets under management of £550m and reported profits of £1.8m – potentially delivering a premium valuatoin in excess of 7X ebitda.
Chief executive at Kingswood, Gary Wilder, said: “The acquisition of WFI doubles the size of our wealth planning business and provides Kingswood with an opportunity to own a very profitable regional financial planning business with built-in expertise and capacity to expand.
“There is also a major opportunity to migrate existing and new clients across to Kingwood’s DFM platform, especially onto our recently re-launched managed portfolio service offering, underpinning the value of a fully integrated wealth management business.”
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