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 £89.3m, with additional deferred consideration of up to a maximum of £20.6m 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 £30m 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
Head of Unquoted Investments
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+44 20 7353 4200
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Notes for editors:
Caledonia Investments plc
Caledonia is a self-managed investment trust company listed on the London Stock Exchange with net assets of £2.0bn 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 £125m 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 £45bn ($55bn) of assets and includes an investment business with more than £10bn ($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.
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