Kingsway Financial Services Inc. Appoints Adam J. Patinkin and Joshua S. Horowitz to Its Board of Directors
Kingsway Financial Services (NYSE:KFS) has appointed Adam J. Patinkin and Joshua S. Horowitz to its Board of Directors, with both directors to be nominated for election at the 2025 Annual Meeting of Shareholders. The appointments come at what the company describes as an 'inflection point' in its Search Xcelerator business.
The new directors bring experience in investment and business development, with a focus on creating shareholder value. Notably, affiliates of David Capital Partners have acquired a 9.2% stake in Kingsway through shares and options, while Palm Management affiliates have secured a 1.5% position. These positions were acquired through market purchases, not company-issued shares.
Kingsway positions itself as the only U.S.-listed company pursuing the 'Search Fund' strategy, operating a portfolio of asset-light service businesses with recurring revenues acquired through this model.
Kingsway Financial Services (NYSE:KFS) ha nominato Adam J. Patinkin e Joshua S. Horowitz nel suo Consiglio di Amministrazione, con entrambi i direttori che saranno proposti per l'elezione nella Riunione Annuale degli Azionisti del 2025. Le nomine arrivano in quello che l'azienda descrive come un 'punto di svolta' nel suo business Search Xcelerator.
I nuovi direttori portano esperienza in investimenti e sviluppo aziendale, con un focus sulla creazione di valore per gli azionisti. È importante notare che affiliati di David Capital Partners hanno acquisito una partecipazione del 9,2% in Kingsway attraverso azioni e opzioni, mentre affiliati di Palm Management hanno ottenuto una posizione dell'1,5%. Queste posizioni sono state acquisite tramite acquisti di mercato, non tramite azioni emesse dall'azienda.
Kingsway si posiziona come l'unica azienda quotata negli Stati Uniti che persegue la strategia del 'Search Fund', gestendo un portafoglio di attività di servizi a basso costo con ricavi ricorrenti acquisiti attraverso questo modello.
Kingsway Financial Services (NYSE:KFS) ha nombrado a Adam J. Patinkin y Joshua S. Horowitz en su Junta Directiva, con ambos directores siendo nominados para la elección en la Reunión Anual de Accionistas de 2025. Las nominaciones llegan en lo que la empresa describe como un 'punto de inflexión' en su negocio Search Xcelerator.
Los nuevos directores aportan experiencia en inversión y desarrollo empresarial, con un enfoque en crear valor para los accionistas. Cabe destacar que afiliados de David Capital Partners han adquirido una participación del 9.2% en Kingsway a través de acciones y opciones, mientras que afiliados de Palm Management han asegurado una posición del 1.5%. Estas posiciones fueron adquiridas a través de compras en el mercado, no de acciones emitidas por la empresa.
Kingsway se posiciona como la única empresa cotizada en EE. UU. que sigue la estrategia de 'Search Fund', operando un portafolio de negocios de servicios ligeros en activos con ingresos recurrentes adquiridos a través de este modelo.
Kingsway Financial Services (NYSE:KFS)는 Adam J. Patinkin과 Joshua S. Horowitz를 이사회에 임명하였으며, 두 이사는 2025년 주주총회에서 선출될 예정이다. 이러한 임명은 회사가 '전환점'이라고 설명하는 Search Xcelerator 사업에서 이루어졌다.
새로운 이사들은 투자 및 사업 개발 분야의 경험을 가지고 있으며, 주주 가치를 창출하는 데 중점을 두고 있다. 특히, David Capital Partners의 계열사들이 Kingsway의 9.2% 지분을 주식과 옵션을 통해 인수하였고, Palm Management의 계열사들은 1.5%의 지분을 확보하였다. 이러한 지분은 회사가 발행한 주식이 아닌 시장에서 구매한 것이다.
Kingsway는 'Search Fund' 전략을 추구하는 유일한 미국 상장 회사로 자리잡고 있으며, 이 모델을 통해 인수한 반복 수익을 가진 자산 경량 서비스 비즈니스 포트폴리오를 운영하고 있다.
Kingsway Financial Services (NYSE:KFS) a nommé Adam J. Patinkin et Joshua S. Horowitz à son Conseil d'Administration, les deux directeurs étant proposés pour élection lors de l'Assemblée Générale Annuelle des Actionnaires de 2025. Ces nominations interviennent à ce que l'entreprise décrit comme un 'point d'inflexion' dans son activité Search Xcelerator.
Les nouveaux directeurs apportent une expérience en investissement et en développement commercial, avec un accent sur la création de valeur pour les actionnaires. Notamment, des affiliés de David Capital Partners ont acquis une participation de 9,2 % dans Kingsway par le biais d'actions et d'options, tandis que des affiliés de Palm Management ont sécurisé une position de 1,5 %. Ces positions ont été acquises par le biais d'achats sur le marché, et non d'actions émises par l'entreprise.
Kingsway se positionne comme la seule entreprise cotée aux États-Unis à poursuivre la stratégie de 'Search Fund', exploitant un portefeuille d'entreprises de services légers avec des revenus récurrents acquis par ce modèle.
Kingsway Financial Services (NYSE:KFS) hat Adam J. Patinkin und Joshua S. Horowitz in seinen Vorstand berufen, wobei beide Direktoren für die Wahl auf der Jahreshauptversammlung der Aktionäre im Jahr 2025 nominiert werden. Die Ernennungen erfolgen in einem, wie das Unternehmen es beschreibt, 'Wendepunkt' in seinem Search Xcelerator-Geschäft.
Die neuen Direktoren bringen Erfahrung in den Bereichen Investition und Geschäftsentwicklung mit, wobei der Fokus auf der Schaffung von Aktionärswert liegt. Bemerkenswert ist, dass Affiliates von David Capital Partners eine Beteiligung von 9,2 % an Kingsway durch Aktien und Optionen erworben haben, während Affiliates von Palm Management eine Position von 1,5 % gesichert haben. Diese Positionen wurden durch Marktkäufe erworben, nicht durch vom Unternehmen ausgegebene Aktien.
Kingsway positioniert sich als das einzige an der US-Börse notierte Unternehmen, das die 'Search Fund'-Strategie verfolgt und ein Portfolio von asset-light Dienstleistungsunternehmen mit wiederkehrenden Einnahmen betreibt, die durch dieses Modell erworben wurden.
- Strategic addition of two experienced investors to the board
- Significant 9.2% stake acquisition by David Capital Partners shows institutional confidence
- Company reports achieving scale and momentum in Search Xcelerator business
- Current portfolio consists of high-quality, asset-light businesses with recurring revenues
- Company acknowledges being underappreciated by public market investors
CHICAGO, ILLINOIS / ACCESS Newswire / March 31, 2025 / Kingsway Financial Services Inc. (NYSE:KFS) ("Kingsway" or the "Company") today announced it has appointed Adam J. Patinkin and Joshua S. Horowitz to its Board of Directors. The Company has also agreed to nominate Mr. Patinkin and Mr. Horowitz for election to the Board of Directors at the upcoming 2025 Annual Meeting of Shareholders.
"We are delighted to welcome Adam and Josh to the Kingsway Board of Directors," said JT Fitzgerald, Kingsway's CEO and a Director. "Kingsway's business is at an inflection point as we have achieved scale and momentum in our Search Xcelerator business. Both Adam and Josh are experienced investors and businesspeople with successful track records building companies and creating shareholder value. I am looking forward to working together with them to help take Kingsway to the next level."
"I am honored to join Kingsway's Board of Directors at an exciting moment for the Company," said Mr. Patinkin. "Kingsway owns and operates a collection of high-quality services businesses that are asset-light, growing, and have recurring revenues - and that were each acquired by deploying the well-regarded ‘Search Fund' model for business acquisition and growth. As the only U.S.-listed company pursuing the ‘Search Fund' strategy, Kingsway represents a unique and attractive vehicle for investors to gain exposure to this asset class via the public markets. I am confident that over time, Kingsway can become a far larger and more profitable company to the benefit of all stakeholders, including its shareholders. I look forward to contributing to Kingsway's future success as a Director."
"After tracking Kingsway for many years, I believe this is the right time for me to actively contribute to unlocking the Company's significant potential," said Mr. Horowitz. "Kingsway has the right strategy and talented leaders across its organization, but I believe the Company's value remains underappreciated by public market investors. I am eager to take a hands-on approach to help Kingsway scale its operations and enhance its visibility in the capital markets. It is an honor to join the Kingsway Board of Directors at such an auspicious moment for the business."
As will be further disclosed in relevant filings with the U.S. Securities and Exchange Commission, affiliates of David Capital Partners, LLC have acquired a position representing
About Adam J. Patinkin
Adam J. Patinkin is the Founder and Managing Partner of David Capital Partners, LLC ("David Capital"), a long-term oriented alternative investment firm headquartered in Chicago with offices in London. Prior to founding David Capital in 2011, Mr. Patinkin was a member of the investment team at Chicago-based Sheffield Asset Management, L.L.C., a long/short equity hedge fund manager, from 2007 to 2010. Mr. Patinkin currently serves on the Board of Directors of Flamingo Group, Inc., a privately-held enterprise software company focused on the multi-family apartment industry. Mr. Patinkin holds the Chartered Financial Analyst designation. Mr. Patinkin earned a B.A. from Dartmouth College with a double-major in History and Government in 2007.
About Joshua S. Horowitz
Joshua S. Horowitz is a professional investor with over 23 years of experience, specializing in portfolio management, problem solving, and board leadership. Since January 2012, he has served as a Portfolio Manager and Managing Director at several Palm entities, beginning with Palm Ventures LLC and currently with Palm Management (US) LLC, where he oversees the Palm Global Small Cap Master Fund. Prior to this, Mr. Horowitz was the Director of Research at Berggruen Holdings, a multi-billion-dollar family office, and a research analyst at Crossway Partners LP, focusing on value strategy investments. Mr. Horowitz also currently serves as a director on the boards of BK Technologies Corporation (NYSE: BKTI), NeuroMetrix Inc. (Nasdaq: NURO), Barnwell Industries, Inc. (NYSE: BRN) and Limbach Holdings, Inc. (NASDAQ: LMB). Mr. Horowitz holds a Bachelor of Science in Management from Binghamton University.
About the Company
Kingsway is a holding company that owns or controls subsidiaries primarily in the business services and extended warranty industries. The common shares of Kingsway are listed on the New York Stock Exchange under the trading symbol "KFS."
The company serves the business services industry through its operating subsidiaries within its Kingsway Search Xcelerator ("KSX") segment:
B2B Services
Ravix Group (ravixgroup.com), CSuite Financial (Csuitefinancialpartners.com)
Image Solutions (istechology.com)
Healthcare Services
Digital Diagnostic Imaging (ddimagingusa.com)
Secure Nursing Services (securenursing.com)
Vertical Market Software
Systems Products International (spisoftware.com)
Kingsway Skilled Trades
Bud's Plumbing (budsplumbing.com)
The company serves the extended warranty industry through its operating subsidiaries within its Extended Warranty segment:
Auto Warranty
IWS (iwsgroup.com)
Penn Warranty (pennwarranty.com)
Preferred Warranties (preferredwarranties.com)
HVAC/Facility Warranty
Trinity Warranty Solutions (trinitywarranty.com)
Additional Information
Additional information about Kingsway, including a copy of its Annual Reports can be accessed on the EDGAR section of the U.S. Securities and Exchange Commission's website at www.sec.gov, on the Canadian Securities Administrators' website at www.sedar.com, or through the Company's website at www.kingsway-financial.com.
For Media Inquiries: | For Company Inquiries: |
SOURCE: Kingsway Financial Services, Inc.
View the original press release on ACCESS Newswire
FAQ
What percentage stake did David Capital Partners acquire in Kingsway Financial Services (KFS)?
Who are the new board members appointed to Kingsway Financial Services (KFS) in March 2025?
What is Kingsway Financial Services' (KFS) main business strategy?
How much ownership did Palm Management acquire in Kingsway Financial Services (KFS)?
