Financial Group Acquires CAM Wealth Group to Expand UK Financial Services Platform

Highlights

• Strategic Acquisition: Manx Financial Group PLC has acquired CAM Wealth Group Holdings Limited and its subsidiary CAM Wealth Group Ltd, a UK FCA licensed wealth management business.
• Growth Strategy: The acquisition aligns with the Group’s growth strategy to build a robust and diversified financial services offering, with synergies from its Isle of Man IFA, Edgewater Associates Limited.
• Platform for Expansion: The acquisition will provide a foundation for offering general insurance, financial planning, and investment services to UK retail and SME customers, including over 100,000 customers of Payment Assist Limited.
• Transaction Details: The acquisition consideration is £210,000, with a three-year earnout and payment funded from the Group's own resources.

Manx Financial Group PLC (LSE:MFX), a holding company offering a diverse range of financial services to clients in the Isle of Man and the United Kingdom, has announced the acquisition of CAM Wealth Group Holdings Limited and its subsidiary, CAM Wealth Group Ltd. The acquisition includes the UK FCA-licensed wealth management business, which will operate under the brand name CAM Wealth.

Strategic Alignment

The acquisition is part of Manx Financial Group’s growth strategy, as outlined in its December 2023 Chairman's Statement. The Group aims to pursue accretive acquisitions that will help strengthen and diversify its financial services offering. This purchase is seen as a key step toward enhancing shareholder value by expanding into new service areas and increasing the Group’s presence in the UK market.

Future Growth and Synergies

Despite its current size, CAM Wealth’s acquisition presents significant growth potential for Manx Financial Group. The business, with its UK FCA licenses, provides a strong foundation for offering a comprehensive range of financial services, including general insurance products, full financial planning, and investment services. These services will be available to both retail and SME customers in the UK, including over 100,000 customers of Payment Assist Limited.

Additionally, CAM Wealth will create synergies with the Group’s Isle of Man-based independent financial advisory firm, Edgewater Associates Limited. This collaboration is expected to drive operational efficiencies and expand the Group’s market reach.

Transaction Details

The total consideration for the acquisition is £210,000, with a three-year earnout structure. The earnout will be capped and paid from the Group’s own resources. The Group expects this acquisition to create long-term value as it continues to build its diversified financial services portfolio.