Caledonia Investments PLC Acquisition (0694F)
July 10 2019 - 3:01AM
UK Regulatory
TIDMCLDN
RNS Number : 0694F
Caledonia Investments PLC
10 July 2019
CALEDONIA INVESTMENTS COMPLETES THE ACQUISITION OF A MINORITY
STAKE IN STONEHAGE FLEMING
On 21 December 2018, Caledonia Investments plc ("Caledonia")
announced (under RNS number 2515L) that it had agreed to acquire a
minority stake in Stonehage Fleming & Family Partners Limited
("Stonehage Fleming")(the "Transaction"), one of the world's
leading independently owned family offices. The Transaction was
structured as part of a tender offer and share buy-back offer made
to Stonehage Fleming's existing shareholders and was conditional on
obtaining regulatory approvals in a number of jurisdictions.
Caledonia is pleased to advise that these approvals have now been
received and accordingly the Transaction has been completed.
Stonehage Fleming was formed in 2015 through the merger of
Stonehage Group and Fleming Family & Partners. Stonehage
Fleming is the largest family office in Europe, Middle East and
Africa ("EMEA") and the second largest non-bank provider of family
office services globally, a market which is estimated to be growing
at around 9% per annum, driven by the rising demand of ultra-high
net worth families for assistance in the organisation of their
wealth.
Caledonia has acquired a 36.7% equity stake in Stonehage Fleming
for GBP89.3m, with additional deferred consideration of up to a
maximum of GBP20.6m payable contingent on Stonehage Fleming
achieving certain financial targets for its years ending 31 March
2020 and 2021. As part of the original agreement, Caledonia had
committed to underwrite a GBP30m term loan facility for Stonehage
Fleming to part-fund the tender and share buy-back offers. This
commitment is no longer required as the term loan has been put in
place with a syndicate of international banks prior to
completion.
10 July 2019
For further information contact:
Caledonia Investments
plc +44 20 7802 8080
Will Wyatt,
Chief Executive
Duncan Johnson,
Head of Unquoted Investments
Media contact:
Tulchan Communications +44 20 7353 4200
Lisa Jarrett-Kerr
Martin Pengelley
END
Notes for editors:
Caledonia Investments plc
Caledonia is a self-managed investment trust company listed on
the London Stock Exchange with net assets of GBP2.0bn as at 30 June
2019. The company maintains a long term global portfolio of listed,
private company and fund investments and has paid an increasing
annual dividend for 52 years.
In the unquoted arena, Caledonia seeks to invest up to GBP125m
in private companies, either on a majority or minority basis,
providing a meaningful presence and growth capital supporting
double-digit operating margins. In addition to Stonehage Fleming,
its unquoted portfolio includes Deep Sea Electronics (a world
leading designer and manufacturer of controllers for diesel-powered
electricity generators and intelligent battery chargers), Cobehold
(a European unquoted investment house), Seven Investment Management
(a provider of discretionary fund management, asset management and
self-invest platform services), Buzz Bingo (the UK market leading
retail bingo operator), Cooke Optics (a leading manufacturer of
premium cinematography lenses) and Liberation Group (a Channel
Islands and South-West England integrated pub and brewing
business).
For additional information on Caledonia, please visit
www.caledonia.com.
Stonehage Fleming Family & Partners Ltd
Stonehage Fleming is one of the world's leading independently
owned family offices and the largest in EMEA, as measured by its
breadth of services, geographic reach and by assets under
management, advice and administration.
Stonehage Fleming provides a range of services from long-term
strategic planning and investments to day-to-day advice and
administration to well over 250 substantial families of wealth. The
Group advises on over GBP45bn ($55bn) of assets and includes an
investment business with more than GBP10bn ($13bn) under management
for families and charities. The Group employs over 560 people in 11
offices in eight geographies around the world.
For further information on Stonehage Fleming, please visit
www.stonehagefleming.com.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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