Fast-growing Financial Planner and wealth manager Kingswood has acquired JFP Holdings Limited, the parent company of Cheshire Chartered Financial Planner JFP Financial Services Limited.
Kingswood has also completed the acquisition of Lincoln-based financial adviser JCH, announced earlier this month.
The double acquisition has been part of a rapid acquisition strategy for Kingswood this year which says it has four further acquisitions in the pipeline.
The two recent transactions boost Kingswood’s client-facing advisory team to more than 115 people and funds under advice/management to over £8.5bn in the UK & Ireland.
JFP is based in Macclesfield, Cheshire and has £360m in Assets Under Management. It was established 40 years ago and mainly services clients in Cheshire, Derbyshire and Staffordshire. The firm’s advisers work with individuals and medical professionals, businesses and their employees.
JFP Holdings manages £360m of client assets for 1,295 clients.
In the year ending 31 March 2022, JFP generated revenue of £2.5m and pre-tax profit of £1.5m.
JFP Holdings will be acquired for a total cash consideration of up to £12.4m, payable over a two-year period. As part of the deal £7.44m will be paid on receipt of regulatory approval and the balance paid on a deferred basis subject to the achievement of pre-agreed performance targets.
David Lawrence, Kingswood Group CEO, said: “The acquisition of JFP Holdings will expand our geographical footprint into the Northwest region and an affluent South Manchester area.
“JFP Holdings are a high-quality business that has operated with its affiliate Josolyne & Co, a Chartered Accountancy practice, for many years. Led by Andy Heywood, JFP Holdings has a long track record of delivering an exceptional level of service and strong client relationships over many years and I am delighted to welcome them to the Kingswood Group.
“Our growth strategy is important and we are strongly committed to supporting more clients. We have a further four acquisitions under exclusive due diligence that we expect to close in the coming months, plus a number of additional transactions that are currently under negotiation.”
Andrew Heywood, director of JFP, said: “We are delighted to be joining Kingswood. Throughout the sales process there were a number of important factors that influenced our decision, but the over-riding requirement was for us to have an excellent matching of cultures with any firm looking to acquire us.
“The cultural fit between our two firms was evident from our first meeting with David Lawrence and has been confirmed throughout our dealings with David and his team. We are looking forward to working within the Kingswood Group which we know will be a great home for our staff and clients.”
