On March 19, 2024, Kingswood Acquisition Corp. announced that it merged with Wentworth Management Services LLC.
Kingswood Acquisition Corp. (“KWAC”) announced on March 19, 2024 that it merged with Wentworth Management Services LLC (“Wentworth”) to create Binah Capital Group, Inc. (“Binah Capital”), which will be a publicly traded company. Under the terms of the transaction, KWAC and Wentworth became wholly owned subsidiaries of Binah Capital. Craig Gould, former President of Wentworth, has been named CEO of Binah Capital. Michael Nessim, CEO of KWAC, and other members of KWAC will become shareholders of Binah Capital. Oppenheimer & Co. Inc. (“Oppenheimer”) served as financial advisor to KWAC, and SPAC Advisory Partners LLC (“SPAC”) and Odeon Capital Group LLC (“Odeon”) served as capital markets advisors. Further terms of the transaction were not disclosed.
KWAC, based in New York City, is a special-purpose acquisition company created for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, recapitalization, or reorganization.
Wentworth, based in New York City, is a holding company that acquires and manages businesses in the wealth management industry.
Binah Capital (NASDAQ: BCG), based in New York City, is an independent wealth management firm. Binah Capital manages approximately $23 billion in assets under management.
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