KFS News & Events

Kingsway Financial Services' Ravix Group has acquired the assets of Ledgers, a provider of outsourced accounting services based in the state of Illinois. Founded to serve small businesses and nonprofit organizations and associations, Ledgers delivers outsourced accounting solutions including bookkeeping, financial reporting, and ongoing financial support. Ledgers generated approximately $0.4M of unaudited pro-forma adjusted EBITDA for the twelve months ended September 30. The compnay said, "The acquisition expands Ravix's geographic footprint into the Midwest, further diversifies Ravix's customer end-markets, and is a strong cultural fit given Ledgers's client-first approach and long-term customer relationships. The transaction also accelerates Ravix's momentum in the small business and nonprofit verticals following the recent acquisition of The HR Team." The transaction closed on January 5, and was funded with a combination of cash on hand, debt financing, and a seller note. Ravix provided 100% of the equity capital for the transaction, with no additional funding required from the Kingsway parent company.

Kingsway Financial Services announced that Colter Hanson has joined as the Company's newest Operator-in-Residence within the Kingsway Search Xcelerator Segment Prior to Kingsway, Mr. Hanson served as an Engagement Manager for McKinsey & Company where he focused on operational excellence and value creation for clients in the manufacturing and power generation verticals. He will conduct his search out of Minneapolis, MN, and intends to seek an acquisition related to Testing, Inspection, and Certification with a target geography of the Midwest.

Kingsway Financial announced the acquisition of Southside Plumbing, a leading provider of commercial and residential plumbing services located in Omaha, Nebraska. Southside Plumbing is the third business operated under the Kingsway Skilled Trades platform.Southside Plumbing is one of the top commercial plumbing services company in the Omaha, Nebraska metropolitan service area. With decades of commitment to its community, Southside Plumbing has built an impressive reputation for both quality and reliability. Southside Plumbing's customer base is split 70% commercial and 30% residential, and approximately 70% of trailing 12-month revenues are either recurring or reoccurring. Southside Plumbing's service and repair business exhibits a strong growth profile of c. +20% per year. Kingsway believes Southside Plumbing has the potential to accelerate growth via expanded marketing efforts and new service lines, and that Southside Plumbing can increase the proportion of sales that are recurring or reoccurring given healthy momentum in service and repair. The transaction closed on August 14, 2025. The purchase price included $4M cash at close, a $0.5M seller note due in 2030, a potential earn-out of up to $1.125M based on growth in adjusted EBITDA that is payable between 2026 and 2028 and contemplates a +75% increase in adjusted EBITDA relative to trailing 12-month EBITDA at close to achieve full pay-out, plus a retained 20% equity interest, for a total maximum purchase price of $6.75M. Kingsway is also responsible for certain closing fees and expenses. In connection with the announcement, Kingsway Skilled Trades has entered into a financing arrangement with Newburyport Five Cents Savings Bank to support the growth of the Kingsway Skilled Trades platform. The financing arrangement includes senior debt in the form of a commercial term loan at a fixed rate of 7.5% with a 7-year amortization schedule, plus access to both a commercial revolving line of credit and an equipment line of credit. The relationship between Newburyport Bank and Kingsway Skilled Trades may be expanded in the future to support additional acquisitions.

Kingsway Financial Services' Ravix Group completed the strategic acquisition of The HR Team, a specialized firm of human resources professionals based in the state of Maryland. The transaction enhances Ravix's ability to deliver comprehensive human resources services as part of its Office of the CFO platform, and expands Ravix's capabilities in HR compliance, organizational development, and outsourced HR support services. The combination expands and diversifies Ravix's client base, creates meaningful cross-selling opportunities, and provides a strong foundation for further expansion in outsourced HR services. The transaction closed on August 1, 2025, and was funded with cash on hand and a seller note. Management will provide additional details about the acquisition during the company's second quarter 2025 earnings call. Timi Okah, CEO of Ravix, sourced and led the transaction for Kingsway.