Kingswood has completed its acquisition of Glasgow-based advice firm Strategic Asset Managers (SAM) in an all-cash deal worth £5.1 million.
Upon completion of the deal, assets under management at Kingswood will surpass £10.5 billion. David Lawrence, Kingswood Group CEO, said: “SAM are focused on helping clients across the central belt of Scotland and Perthshire achieve a confident financial future. The opportunity to build our relationships across Scotland is an exciting one as we strive to help more people achieve their goals.”
SAM has three advisers and eight employees, managing over 400 clients and £200 million of assets under advice.
In the year to March 2022, revenue at SAM climbed to £1.2 million, while profits before tax finished the period at £517,000.
The deal will be completed via a cash transaction worth £5.1 million, payable over a two-year period. Some £3.1 million will be paid on completion, and the remaining balance will be subject to performance targets.
Derek Stewart, chief executive of SAM, added: “We operate in a very similar way and believe this will benefit our clients and present greater development opportunities for our staff. We are proud to be the first Scottish firm to become part of the Kingswood Group.”
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