Exclusive Financial Advisor to Kingswood Acquisition Corp.
July 2022
Oppenheimer & Co. Inc. is acting as Exclusive Financial Advisor to Kingswood Acquisition Corp. (NYSE:KWAC) on its announced business combination with Wentworth Management Services, LLC (“Wentworth”).
Wentworth is a holding company that acquires and manages businesses in the wealth management industry. The company specializes in consolidating independent broker-dealers to capture economies of scale needed to service financial advisors in today's technology-enabled regulatory environment. Wentworth's core philosophy focuses on building long-term, productive relationships with its advisor base. The firm also includes a dealer manager business, investment banking division and a wholesale distribution division.
Kingswood Acquisition Corp. ("KWAC") is a blank check company incorporated under the laws of the State of Delaware on July 27, 2020, for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization, or similar business combination with one or more businesses.
In November 2020, Oppenheimer & Co. Inc. served as Sole Bookrunner on Kingswood Acquisition Corp’s $115,000,000 Initial Public Offering.
The new public company, will become wholly-owned subsidiaries of Binah Capital Group, Inc., which will own and operate four broker-dealers and over 1,900 financial advisors, who will work from 535 offices in all 50 states, and be connected through a hybrid, open architecture platform that will allow advisors to choose between hybrid, independent and W2 advisor models, as well as partner with a variety of custody and clearing firms.
The business combination values the combined company at a pro forma enterprise value of approximately $208 million, which represents an approximately 1.1x 2021 pro forma revenue multiple. The business combination is expected to generate gross cash proceeds of approximately $30 million, which will be used to pay transaction expenses and provide growth capital for the business.
Investment Banking
Gilbert Dychiao
Managing Director, Head of FIG
Michael Lynch
Managing Director, Head of M&A
Chris Defalco
Managing Director, Head of SPAC ECM
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