UK wealth manager Kingswood, formerly KW Wealth, has acquired Thomas & Co Financial Services, an Oxfordshire-based financial advisory firm, for £3.3m ($4.3m, €3.8m).
The deal comprises an initial cash payment of £1.5m and a further maximum deferred sum of £1.8m, which is subject to the firm achieving revenue and profitability targets over a three-year period.
Gary Wilder, group chief executive of Kingswood, said: “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.”
The firm acquired East Yorkshire IFA firm Marchant McKechnie for a maximum of £4m in October 2018.
English expansion
Thomas & Co offers a range of services, including personal and company pensions, investments, and tax planning.
It has around 500 clients and approximately £150m of assets under advice.
The principals and staff of Thomas & Co will join the Kingswood group as part of the acquisition and will continue to operate from the firm’s existing office in Abingdon.
The acquisition broadens Kingswood’s UK footprint, adding to its existing office network in London, Manchester, Cheltenham, Maidstone, Worcester and Beverley.
Kingswood now has more than 4,500 active clients, and assets under management of £1.9bn.
International Adviser reported in January 2019 that Marianne Ismail had stepped down as chief executive of Kingswood and was replaced by Wilder.
