Kingswood Holdings Limited, the integrated wealth management group which trades under the name KW Wealth, has announced that further to the announcement dated 1 October 2018, the Group has received FCA approval for its acquisition of Marchant McKechnie Independent Financial Advisers Ltd.
Following the requisite FCA approval, and the satisfaction of all other deliverables, the acquisition is now complete.
In a statement from the initial announcement on the 1st October, KW Wealth had said: “The £4m consideration comprises an initial cash payment of £1.6m with a deferred sum of up to £2.4m. This is payable in cash or, at the seller’s request and Kingswood’s agreement, Kingswood shares, subject to certain revenue metrics being achieved over the next two years.
“For the year to 31 December 2017, Marchant McKechnie generated EBITDA of £855k, meaning the acquisition has been completed at a valuation of 4.7x 2017 EBITDA. For the same period Marchant McKechnie generated profit after tax of £499,000. The acquisition is expected to be immediately earnings enhancing to the group.”
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