Kingsway closes $15.7M private placement of 1.336M shares at $11.75 per share

Kingsway Financial (KFS) Services announced the closing of a $15.7M private placement of 1,336,264 shares of its common stock at a price of $11.75 per share. JT Fitzgerald, Kingsway’s President and CEO, said: “Over the last handful of years, Kingsway has created a world-class Search Fund platform backed by purpose-built infrastructure, an outstanding Advisory Board, and a talented group of Operator CEO’s. The results so far have been highly encouraging, and provide confidence it’s the right time to accelerate investment into our public Search Fund strategy. Concurrent with today’s announcement, Kingsway is raising its target range for the number of acquisitions the company expects to complete each year via the Kingsway Search Xcelerator from 2-3 per year to 3-5 per year. This guidance upgrade reflects our conviction in the KSX model as well as the robust pipeline of opportunities clearly visible in front of us.”