Kingswood set to acquire Moloney Investments Ltd in Ireland

by | Sep 26, 2022

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Kingswood Holdings Limited, the international, fully integrated wealth and investment management group, has announced the proposed strategic acquisition of MMPI, a leading financial advice firm based in Dublin, Ireland. The acquisition remains subject to regulatory approval. 

David Lawrence, Kingswood Group CEO, commented: “I am delighted to announce our acquisition of MMPI, Kingswood’s seventh acquisition of the year and a highly strategic investment for the Group. MMPI provides access to the attractive Irish wealth management market whilst also offering multiple new avenues for growth. Bryan Moloney and his senior team have done an exceptional job building MMPI into a successful, scaled, and differentiated financial advisory group with a reputation for exceptional client service. I look forward to working with Bryan and his team to continue the Kingswood growth story. 

‘’As communicated in the announcement of our 2022 Interim results, in addition to MMPI we have a strong pipeline of activity with a further eight potential acquisitions in exclusive due diligence.”

About Moloney Investments Ltd

Established in 1993, MMPI is a leading financial advisory group based in Dublin, Ireland providing financial planning, general and protection insurance, as well as investments, pensions, and mortgage advice to principally mass affluent and high net worth individuals. MMPI currently employs 54 people, including 18 advisors.

The Acquisition of MMPI presents a highly strategic acquisition for Kingswood for the following key reasons:

  • Entry into Ireland – Ireland is a EUR 40bn[1] wealth management market that shares many similar market and cultural similarities to the UK with the mass affluent segment of the market in particular experiencing persistent growth;
  • High quality platform – MMPI offers an opportunity to acquire a high quality, full service, and scaled financial advisory group with a long term track record of growth. The business is run by an experienced and high calibre management team that have strong cultural alignment to the rest of Kingswood;
  • Further consolidation opportunity – with the Irish wealth management market experiencing many similar trends to the UK, MMPI offers an attractive platform for further consolidation in addition to Kingswood’s existing strategy in the UK;
  • Product cross-sell – opportunity for MMPI’s clients to benefit from Kingswood’s leading in-house investment proposition and Kingswood’s clients to conversely benefit from MMPI’s insurance and other product distribution capabilities.

On a pro forma basis, for the 12 months to 30 April 2022, MMPI had EBITDA of EUR 4.0m and in excess of EUR 700m assets under advice.  Following receipt of regulatory approval, Kingswood will acquire 70% of MMPI for a total cash consideration of EUR 25.8m, with the existing shareholders retaining the remaining 30% and benefiting from the growth in the business as both management teams work together to grow MMPI and the wider Kingswood group both organically and through further acquisitions. Post-Acquisition, MMPI will continue to operate from its existing premises and be led by the same experienced team that have served its clients since inception in 1993. 

Consideration 

Upon regulatory approval for change of control being received, Kingswood will satisfy the consideration due to the shareholders of MMPI through a new debt facility it expects to complete prior to the closing of the Acquisition.

Bryan Moloney, MMPI CEO commented: “We are delighted to announce Kingswood’s investment in MMPI. This is an exciting development for the business providing additional expertise, capability, and funding to continue MMPI’s long term track record of both organic and inorganic growth, whilst supporting our vision of serving private and corporate clients with a best in class platform and service. Kingswood shares our vision and beliefs of empowering its employees to provide excellent client service and I am confident that their investment provides a great outcome for both our employees and clients alike.’’

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