Kingswood Acquisition Corp (OTC:KWAC) has successfully completed its merger with Wentworth Management Services LLC, paving the way for the creation of Binah Capital Group, a prominent independent wealth management entity set to debut as a publicly traded company on the NASDAQ Global Market.
With the completion of the transaction, Wentworth, a broker-dealer aggregator, is poised to go public under the ticker symbol BCG.
KWAC and Wentworth will now operate as wholly owned subsidiaries of Binah Capital Group, reflecting the culmination of a strategic move aimed at enhancing market presence and value creation.
Binah Capital boasts a pro forma enterprise value of $208 million and encompasses approximately 1,900 professionals within the financial services sector, managing assets worth approximately $23 billion.
Craig Gould, former President of Wentworth, will take on the role of CEO at Binah Capital, with David Shane appointed as CFO.
Wentworth's expansive network of four broker-dealers spanning 535 offices across all 50 states offers financial advisors a range of operating models tailored to their specific needs. These models include a hybrid open architecture platform, independent registered status, and a W2 advisor model.
Under the Binah Capital umbrella, these four firms will continue to operate under their existing brands and management, providing financial advisors access to multiple custody and clearing firms to support their business growth.
“We are thrilled to complete our merger with KWAC, enabling Wentworth to reach its full potential under the newly launched Binah Capital entity,” Gould said in a statement.
Going forward, the seasoned leadership team of Wentworth will continue to pursue our mission of building a best-in-class broker-dealer platform that provides financial advisors across the country with the tools, resources and support they need to reach new levels of growth and success."
Gould went on to highlight the advantages of the company's new corporate structure, emphasizing its ability to access public capital effectively for funding future growth initiatives and operational improvements.
"The completion of this transaction represents the culmination of an extensive and complex process that required an incredible degree of expertise, skill and vision to conceive and execute on successfully,” he added.
“We look forward to all that we can achieve as a public company going forward."