International wealth manager Kingswood has secured a debt facility worth a possible £150m ($169m, €172m) with an unnamed ‘leading global financial institution’.
The facility will provide £50m, with the option of increasing this to £150m should it be required.
Kingswood said the funding will bolster its strategic growth plans and provide additional capital to fund future acquisitions, as well as pay existing deferred considerations. The highly acquisitive company inked its seventh deal this year when it bought Dublin-based advice firm MMPI late last month.
David Lawrence, chief executive of Kingswood Group, said: “I am absolutely delighted that we have secured this material commitment from a leading global financial institution.
“Following our appointment last week of two new independent non-executive directors [Gemma Godfrey and Jane Millar] to increase our board capability, the new debt facility is clear and demonstrable evidence of market confidence in Kingswood’s progress in the last two years, and it also signals a strong commitment to our future growth and strategic direction.
“We continue to invest in the group across all dimensions and in terms of future acquisitions, we continue to have a strong pipeline with eight further transactions in exclusive due diligence.”
Our sister publication Portfolio Adviser reached out to Kingswood to ask the name of the financial institution but no response was received ahead of publication.
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