Overview
International law firm McDermott Will & Emery represented Wentworth Management Services LLC (Wentworth), a holding company that acquires and manages businesses in the wealth management industry, in a business combination agreement with Kingswood Acquisition Corp. (KWAC), a blank check company. The merger will create Binah Capital Group, Inc., where Wentworth and KWAC will become wholly owned subsidiaries.
- The transaction was announced July 7, 2022, and is expected to close in the fourth quarter of 2022, subject to customary closing requirements.
- This deal allows Wentworth to go public, giving them access to public equity markets.
- The combined entity is expected to encompass over 1,900 advisors, $25 billion in assets under management and over $285 billion in affiliated assets under management. The combined company will have a pro forma enterprise value of $208 million.
- The McDermott team was led by Griffin Doty and Ari Edelman and included Rodrigo Castello Branco, Anand Saha, Caroline Sandy and Tipanun Bisalbutr. Jerry Sokol is the relationship partner for Wentworth.
- Read the press release here.
About McDermott
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