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The Marygold Companies, Inc. (NYSE American: MGLD) announced the acquisition of Step-By-Step Financial Planners , a UK-based investment advisory firm with approximately US$33.7 million in assets under management. This marks the second acquisition by Marygold & Co. (UK) and aligns with the company's strategy of expanding its global financial services and fintech presence. The acquisition aims to provide multi-channel financial services, including a new fintech app set to launch in the UK later this year.
The Marygold Companies, Inc. (NYSE American: MGLD) ha annunciato l'acquisizione di Step-By-Step Financial Planners, una società di consulenza per investimenti con sede nel Regno Unito e circa 33,7 milioni di dollari in gestione patrimoniale. Questa rappresenta la seconda acquisizione di Marygold & Co. (UK) e si allinea alla strategia aziendale di espansione dei servizi finanziari globali e della presenza nel settore fintech. L'obiettivo dell'acquisizione è di offrire servizi finanziari multicanale, incluso il lancio di una nuova app fintech nel Regno Unito previsto per quest'anno.
The Marygold Companies, Inc. (NYSE American: MGLD) anunció la adquisición de Step-By-Step Financial Planners, una firma de asesoramiento de inversiones con sede en el Reino Unido y aproximadamente 33,7 millones de dólares en activos bajo gestión. Esta es la segunda adquisición realizada por Marygold & Co. (UK) y está en línea con la estrategia de la empresa de expandir sus servicios financieros globales y su presencia en el sector fintech. La adquisición tiene como objetivo proporcionar servicios financieros multicanal, incluyendo una nueva aplicación fintech que se lanzará en el Reino Unido a finales de este año.
메리골드 컴퍼니즈, Inc. (NYSE American: MGLD)는 영국에 기반을 둔 투자 자문 회사인 스텝-바이-스텝 파이낸셜 플래너스의 인수를 발표했습니다. 이 회사는 약 3천3백70만 달러의 자산 관리를 하고 있습니다. 이는 메리골드 & Co. (UK)의 두 번째 인수이며, 글로벌 금융 서비스 및 핀테크 분야에서의 확장을 목표로 하는 회사 전략과 일치합니다. 이 인수는 멀티 채널 금융 서비스를 제공하는 것을 목표로 하며, 올해 말 영국에서 출시될 예정인 새로운 핀테크 앱도 포함됩니다.
The Marygold Companies, Inc. (NYSE American: MGLD) a annoncé l'acquisition de Step-By-Step Financial Planners, une firme de conseil en investissements basée au Royaume-Uni gérant environ 33,7 millions de dollars d'actifs. Il s'agit de la deuxième acquisition par Marygold & Co. (UK) et s'aligne avec la stratégie de l'entreprise d'expansion de ses services financiers globaux et de sa présence dans le secteur fintech. L'acquisition vise à fournir des services financiers multi-canaux, y compris une nouvelle application fintech qui sera lancée au Royaume-Uni plus tard cette année.
Die Marygold Companies, Inc. (NYSE American: MGLD) gab die Übernahme von Step-By-Step Financial Planners bekannt, einem britischen Anlageberatungsunternehmen mit einem verwalteten Vermögen von etwa 33,7 Millionen US-Dollar. Dies ist die zweite Übernahme von Marygold & Co. (UK) und steht im Einklang mit der Unternehmensstrategie, die globale Finanzdienstleistungen und die Präsenz im Fintech-Bereich erweitern möchte. Die Akquisition zielt darauf ab, Multikanal-Finanzdienstleistungen anzubieten, einschließlich einer neuen Fintech-App, die später in diesem Jahr im Vereinigten Königreich eingeführt werden soll.
Positive
The acquisition of Step-By-Step Financial Planners brings a solid new client base to Marygold & Co. (UK) and enhances its market presence.
The acquisition aligns with The Marygold Companies' strategy of expanding its global financial services and fintech sector under the Marygold & Co. brand.
The acquisition reflects the company's commitment to providing multi-channel financial services, including traditional advisory and a new fintech app to be launched in the UK.
Negative
The terms of the transaction, including the financial details, were not disclosed, which may raise transparency concerns among investors.
While the acquisition aims to address the advice gap in the UK market, it may face challenges in integrating the new client base and expanding market presence.
Insights
An acquisition like Marygold & Co.’s purchase of Step-By-Step Financial Planners may signal a strategic move to expand Marygold's footprint in the financial services sector. With SBS managing assets worth approximately US$33.7 million, this acquisition, while not monumental in the realm of global finance, could have modest impact on Marygold's earnings and long-term growth potential.
Assets under management (AUM) is a key metric in the financial advisory industry as it correlates with revenue potential from management fees. A typical advisory firm might charge a fee of around 1% of AUM per year. One would expect this acquisition to result in an incremental revenue stream for Marygold & Co., although investor expectations should be tempered as the disclosed AUM represents a relatively small addition.
There's an intangible benefit to consider—the addition of SBS's clientele and their entrustment to the Marygold brand. Such a client base can often lead to further organic growth through referrals and additional services leveraged across the larger platform.
When examining the effects of Marygold & Co.'s acquisition on a market level, it's worth noting that the UK financial advisory market is fragmented with a mixture of large, established players and small, independent firms. Thus, Marygold's entry through acquisition is a logical strategic step rather than trying to build a presence from scratch in a competitive market.
Furthermore, the mention of multi-channel financial services and a fintech app indicates a focus on technology-driven solutions, which could be appealing to a tech-savvy consumer base. The UK has a high rate of fintech adoption compared to global standards, suggesting a receptive market for such innovations, assuming the product resonates with user needs.
From a technology perspective, the acquisition seems to complement Marygold's fintech aspirations. The fintech app to be introduced in the UK is a important indicator of their long-term strategy. Fintech apps can be a growth catalyst by providing scalable, cost-effective financial services.
The integration of SBS's services into Marygold's fintech platform will likely be a critical factor for success. Effective integration can result in operational efficiencies and improved user experience, which are key competitive advantages in the fast-evolving fintech space.
SAN CLEMENTE, Calif.--(BUSINESS WIRE)--
The Marygold Companies, Inc. (“TMC,” or the “Company”) (NYSE American: MGLD), a diversified global holding firm, today announced that its wholly owned subsidiary, Marygold & Co. (UK) Limited, has completed the acquisition of Step-By-Step Financial Planners Limited (“SBS”), an investment advisory firm based in Rugeley, Staffordshire, England.
SBS has approximately US$33.7 million (£27 million) in assets under management and provides a full range of financial advisory services to individuals and companies across a diverse product range, including wealth management. Kevin Pratt, the founder of SBS, and his team will continue with the company and provide ongoing advice and continuity to the clients. Terms of the transaction were not disclosed.
“The acquisition of SBS is in keeping with our corporate strategy of expanding and growing our presence in the global financial services and fintech sector under the Marygold & Co. brand, which was established in 2019,” said Nicholas Gerber, TMC’s Chief Executive Officer. “It represents the second acquisition completed by Marygold & Co. (UK), following the purchase in 2022 of UK-based financial advisory firm Tiger Financial & Asset Management Limited. We look forward to providing multi-channel financial services to our growing base of existing and new clients, both through traditional business advisory and our new fintech app that we plan to introduce in the UK later this year, following a successful U.S. launch in 2023,” Gerber added.
Matthew Parden, Chief Executive Officer of Marygold & Co. (UK) Limited, said, “SBS is a perfect fit for Marygold & Co. (UK) that allows us to leverage our highly transformative fintech capabilities within the UK and address the advice gap faced by too many consumers. SBS brings us a solid new client base, with a valuable infrastructure and expert staff to help us grow and expand our market presence.”
“I am delighted that our organization is joining and will become an integral part of The Marygold Companies’ family,” added Step-By-Step’s Kevin Pratt. “I look forward to maintaining close working relationships with our existing and very much valued clients by continuing to advise them and by maintaining the high standards of service they have come to appreciate.”
About Marygold & Co. (UK)
Marygold & Co. (UK) Limited (“MGUK”) was formed in August 2021 to make acquisitions in the UK for its parent company in the U.S., The Marygold Companies, Inc. MGUK intends to leverage the proprietary fintech capabilities of its affiliate, Marygold & Co., a U.S. fintech company which itself went live in 2023, and will provide wealth management and savings services to UK clients through a combination of App-based functionality enriched by access to qualified financial advisors where appropriate. MGUK intends to launch the first phase of this digital strategy in 2024 offering instant access savings products to individuals and small businesses. It also intends to offer tools to radically simplify and enhance the clients’ experience from account opening to management and administration of their accounts.
www.marygoldandco.uk
About The Marygold Companies, Inc.
The Marygold Companies, Inc., (NYSE: MGLD) which changed its name from Concierge Technologies, Inc. in 2022, was founded in 1996 and repositioned as a global holding firm in 2015. The Company currently has operating subsidiaries in financial services, food manufacturing, printing, security systems and beauty products, under the trade names USCF Investments, Marygold & Co., Tiger Financial & Asset Management Limited, Gourmet Foods, Printstock Products, Brigadier Security Systems and Original Sprout, respectively. Offices and manufacturing operations are in the U.S., New Zealand, U.K., and Canada.
www.themarygoldcompanies.com
Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of U.S. federal securities laws. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may” “will,” “could,” “should” “believes,” “predicts,” “potential,” “continue” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements, including, but not limited to, growing Marygold’s presence and introducing the new fintech app in the UK later this year, involve significant risks and uncertainties that could cause actual results to differ materially from the expected results and, consequently, should not be relied upon as predictions of future events. These forward-looking statements, including the factors disclosed in the Company’s most recent Annual Report on Form 10-K, and in the Company’s other filings with the Securities and Exchange Commission, are not exclusive. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Except as required by law, the Company disclaims any obligation to update or publicly announce any revisions to any of the forward-looking statements contained in this press release.
What is the approximate value of assets under management of Step-By-Step Financial Planners ?
Step-By-Step Financial Planners has approximately US$33.7 million (£27 million) in assets under management.
Who is the Chief Executive Officer of The Marygold Companies, Inc.?
Nicholas Gerber is the Chief Executive Officer of The Marygold Companies, Inc.
What is the strategy behind the acquisition of Step-By-Step Financial Planners ?
The acquisition aims to expand the global financial services and fintech sector under the Marygold & Co. brand and provide multi-channel financial services.
What new service does Marygold & Co. (UK) plan to introduce in the UK later this year?
Marygold & Co. (UK) plans to introduce a new fintech app in the UK later this year following a successful U.S. launch in 2023.
