International wealth management firm expands portfolio with £15.3m acquisition

An international, fully integrated wealth and investment management firm has announced its acquisition of Joseph R Lamb Independent Financial Advisers Ltd.

Kingswood Holdings Limited has also announced the completion of the acquisition of Allots Financial Services Limited (AFS).

David Lawrence, UK CEO at Kingswood, commented: “I’m thrilled to announce the acquisition of Joseph Lamb. Martin and his team at Joseph Lamb operate a long established and highly regarded business that has had a true client focus over 50 years.

“This acquisition creates a hub in Essex for Kingswood from which to grow and increases our footprint in the South which is strategically important to us.

“This is our third acquisition of 2022 and we continue to have a strong pipeline of high-quality UK opportunities under negotiation, four of which are in exclusive due diligence as we continue to grow our financial planning and investment management reach across the UK.”

Established in 1970, Joseph Lamb provides financial advice to over 1,930 active clients and employs seven advisers, with eighteen support staff covering clients with approximately £393m AUA. On an underlying basis for the 12 month period to June 30 2021, Joseph Lamb generated revenue of £3.8m and EBITDA of £1.545m.

Following regulatory approval, the business will be acquired for total cash consideration of up to £15.3m, payable over a two year period, £7.65m will be paid at closing and the balance paid on a deferred basis, some of which is subject to the achievement of pre-agreed performance targets.

Martin Lamb, company principal, commented: “I have spent four years investigating our options for a possible merger or sale, looking to find a ‘partner’ that would enable us to take all aspects of our business forward and improve everything for the benefit of clients and staff.

“I am confident that Kingswood, as a leading advice business, have the team and culture to be able to do this and I am very excited about being able to deliver better outcomes for everybody.

We have been impressed with the KW proposition, back office and systems and the depth of quality in their management team. This should enable us to work together for everyone’s benefit and deliver my ambition of delivering the best possible long-term outcome for all stakeholders and clients.“

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