Larry Roth to Lead Binah Capital Following Merger of Wentworth and Kingswood
Kingswood Acquisition Corp. announced that wealth management industry leader Larry Roth will become executive chairman of Binah Capital Group Inc., a national wealth management platform that will be created as a result of a merger between Kingswood with Wentworth Management Services LLC.
Wentworth president Craig Gould will serve as Binah’s chief executive officer and David Shane, an industry veteran and former chief financial officer of Sanctuary Wealth, will become Binah’s chief financial officer. Additionally, the existing operational management teams of the broker-dealers will remain in place.
With more than 30 years of experience as an operator, dealmaker, strategic advisor and entrepreneur in the wealth management space, Roth has previously served as chief executive officer of AIG Advisor Group and chief executive officer of Cetera Financial Group, two of the largest independent wealth management enterprises in the country.
“I’m excited to join Binah as the firm’s executive chairman during a period of truly exceptional growth opportunities for our industry,” said Roth. “Kingswood has unparalleled strategic relationships and expertise built on a global scale. Combining these strengths with Wentworth, a fast-growing firm with significant continued expansion potential, creates a unique industry leader with a very appealing value proposition for all of its stakeholders. From technology enhancements and further acquisitions, to seamlessly accessing public capital to fuel opportunistic growth, the combined firm is well-positioned for future success.”
Roth is currently managing partner of RLR Strategic Partners LLC, a private investment firm focused on businesses seeking to grow in the wealth management space, and a provider of M&A advisory solutions in association with Berkshire Global Advisors. According to Kingswood, he will continue to serve in this role in addition to his responsibilities as executive chairman of Binah.
Kingswood also announced the advancement of its acquisition of Wentworth Management Services LLC through filing a Form S-4 and Investor Presentation with the Securities and Exchange Commission.
The registration statement contains a preliminary proxy statement and prospectus, in connection with Kingswood’s previously announced proposed business combination with Wentworth, a fast-growing network of independent wealth management firms. While the registration statement has not become effective and the information contained is subject to change, it provides information about Kingswood and the proposed business combination with Wentworth. Upon completion of the business combination, Roth will be placed in the new role.
On July 7, 2022, Kingswood entered into a merger agreement with Wentworth. The merger is expected to be completed in the first half of 2023, subject to approval by Kingswood’s shareholders and the registration statement being declared effective by the SEC. Following the business combination and resulting transactions, Binah Capital will become a publicly traded company.
Binah Capital Group is a national wealth management platform supporting more than 1,900 registered individuals across four broker‐dealers and RIAs.
Wentworth Management Services LLC is a holding company that acquires and manages businesses in the wealth management industry. It owns and operates four broker-dealers, including 535 offices in all 50 states.
Kingswood Acquisition Corp. is a blank check company incorporated under the laws of the State of Delaware on July 27, 2020, for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or similar business combination with one or more businesses.
Click here to visit The DI Wire directory page.
