Kingswood Holdings Limited (AIM:KWG) entered into agreement to acquire Regency Investment Services Limited for £4.7 million on September 18, 2020. The cash consideration of £3.45 million is payable over a 3-year period. £1.38 million will be paid at closing and the balance paid on a deferred basis subject to Regency meeting pre-agreed recurring revenue and EBITDA hurdles over the 3-year year period. An additional deferred payment of maximum £1.2 million is potentially payable at the end of the 3-year period subject to achievement of an excess EBITDA target over the deferred period. The acquisition will be funded by Kingswood's issue of new convertible preference shares, under the terms of its Convertible Preference Share subscription agreement with HSQ INVESTMENT LIMITED. Dominique Vinecombe and the Regency team will continue with Kingswood Holdings. In the twelve months to January 31, 2020 Regency Investment Services delivered EBITDA of £0.55 million. As of January 31, 2020, Regency Investment Services had total assets of £2.6 million and net assets of £2.1 million. The transaction is subject to regulatory approval. James Britton and Rishi Shah of Peel Hunt LLP acted as financial advisor to Kingswood Holdings.