Kingswood Acquisition announced today that it has entered into a non-binding letter of intent for a business combination with Wentworth Management Services.
Wentworth is a platform of RIAs/broker dealers which employ differentiated advisor business models with a shared support services backbone. Wentworth offers advisors the ability to choose between hybrid, independent and W2 advisor models, as well as the ability to utilize a variety of custody and clearing firms.
As of Dec. 31 Wentworth had over 1,500 advisors with over $20 billion of assets under management and over $375 billion of affiliated assets under management.
KWAC and Wentworth have completed due diligence and are in the process of negotiating definitive transaction documentation, the SPAC said in a news release.
KWAC expects to announce additional details regarding the proposed business combination when a definitive agreement is executed, which is expected later in the second quarter with a target closing in Q3.
Kingswood raised about $120 million in a December 2020 IPO and PIPE. Read more.
