Kingswood has acquired Glasgow-based Strategic Asset Managers (SAM) in a £5.1m deal. SAM becomes the first Scottish company in the consolidator’s network.
SAM, a financial advisory firm established in 2001, works with families, businesses and professional partners in the central regions of Scotland and Perthshire.
It has three advisers and eight staff, managing over 400 clients and around £200 million in assets under management.
Kingswood will pay £3.1m upfront for the business, with the balance to be paid subject to certain performance targets being met. Its CEO, David Lawrence, said the purchase was an “opportunity to strengthen our relationships across Scotland”.
According to Kingswood, in the year ending March 2022, SAM generated a pre-tax profit of £517,000 on sales of £1.2m.
SAM Managing Director Derek Stewart said: “We operate in a very similar way and believe this will benefit our customers and present greater development opportunities for our staff. We are proud to be the first Scottish company to become part of the Kingswood Group.
The purchase follows Kingswood’s £8.5m double hit on EBS and Buckinghamshire-based JCH last month which takes the company’s assets under management above £10bn sterling.
Kingswood said he has four other potential purchases “under exclusive due diligence.”