Kingsway Acquires Ledgers to Expand Market Footprint
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.
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Kingsway Financial Shares Decline After Q3 Earnings Report Despite Increase in Revenue
Stock Performance: Kingsway Financial Services Inc. shares dropped 12.9% following their Q3 2025 results, significantly underperforming the S&P 500, which gained 0.8% during the same period.
Revenue Growth: The company reported a 36.9% increase in revenues to $37.2 million, driven by a substantial rise in Kingsway Search Xcelerator revenues, although it still posted a net loss of $2.4 million.
Adjusted EBITDA Trends: Adjusted consolidated EBITDA fell 32.1% to $2.1 million, with mixed performance across segments; KSX saw an increase while Extended Warranty faced declines due to accounting timing issues.
Acquisition Strategy: Kingsway Financial executed four acquisitions in the quarter, emphasizing confidence in organic growth and acquisition-led expansion as key strategic focuses moving forward.
Kingsway Financial seeks approval for offering up to 1,419,001 shares of common stock
Stock Offering Announcement: Kingsway Financial Services (NYSE: KFS) has filed a registration statement for an offering of up to 1,419,001 common stocks.
Preliminary Prospectus Note: The preliminary prospectus associated with the stock offering is not considered an offer to sell the securities.
Recent Acquisitions: Kingsway has recently acquired Southside Plumbing and is signaling plans for accelerated mergers and acquisitions.
Future Acquisition Goals: The company aims to target 3–5 acquisitions per year, leveraging new capital and current momentum.
