Wentworth Management to go public through deal with SPAC Kingswood Acquisition

• Broker-dealer aggregator Wentworth Management Services will go public through a deal with SPAC Kingswood Acquisition (NYSE:KWAC).
• The combined firm will have a pro forma enterprise value of $208M and an implied pro forma equity value of ~$165M.
• The deal is expected to generate gross cash proceeds of ~$30M, assuming no redemptions of cash in trust and an anticipated $15M capital raise.
• KWAC and Wentworth will become wholly-owned units of Binah Capital, which will become a publicly traded firm.
• The combined company is expected to encompass over 1.9K advisors, $25B in AUMs and over $285B in affiliated AUMs.
• The terms of the deal provide that Wentworth's shareholders will maintain their stakes in the company and not receive cash proceeds.
• The deal is expected to close in Q4.