Transaction Enables Company to Expand Financial Services Offerings Throughout the U.K.
San Clemente, Calif., June 21, 2022—The Marygold Companies, Inc. (NYSE American: MGLD) (the “Company”) (formerly, Concierge Technologies, Inc.) today announced completion of the previously announced acquisition of Tiger Financial & Asset Management Limited, (“Tiger”) a U.K. based investment adviser, for £1.5 million (approximately US$1.9 million) in cash, plus net current assets estimated to be £863,977 (approximately US$1.1 million) for a total aggregate price of US$3.0 million. The purchase price consideration is to be paid in three installments with approximately US$1.7 million at closing, and the remainder of approximately US$1.3 million paid in approximately equal installments on December 31, 2022, and December 31, 2023. (Conversion to U.S. currency noted above is estimated and averaged as of June 13, 2022.)
The transaction was consummated through Marygold & Co. (UK) Limited, a London-based business unit formed in 2021, and wholly owned subsidiary of the Company.
Based in Boughton, Northampton, England, Tiger has approximately £42 million (approximately US$53 million) in assets under advice. The firm’s core business is managing clients’ financial wealth across a diverse product range, including cash, national savings, individual savings accounts, unit trusts, insurance company products such as investment bonds and other investment vehicles. Tiger’s founder and former owner, Keith Halford, and his team will remain with the company.
“The completion of this transaction paves the way for the Company to expand our financial services into the U.K., as well as introduce new services, such as the mobile fintech app being developed by our U.S. subsidiary, Marygold & Co., that will offer U.S. clients payment services and personalized banking that provide a secure way to send, receive, spend, and save with no banking fees or minimum requirements. The Marygold app is expected to launch in the U.S. later this year.” said Nicholas Gerber, CEO of The Marygold Companies. “Tiger is a great fit for us and is expected to be immediately accretive. We welcome Tiger into The Marygold Companies family.”
“I am delighted that Tiger has become part of the Marygold Companies family and look forward to continuing to advise Tiger’s clients and maintain the high standards of service they have come to appreciate,” said Keith Halford.
“The acquisition of Tiger is a very important first step for Marygold & Co. in the UK, giving us the initial regulatory license to be able to grow and expand our advice services to new clients.” said Matthew Parden, CEO of Marygold & Co. (UK) Limited. “We are hugely encouraged by the coming opportunity to leverage our highly transformative fintech capabilities within the UK financial advice market, which is ripe for change.”
The Company’s other financial services subsidiaries include Denver based Marygold & Co. (www.marygoldandco.com), formed in 2019 to explore opportunities in the financial technology sector, and currently completing development of a mobile banking app, and USCF Investments (www.uscfinvestments.com), whose entities serve as fund manager and investment adviser to eleven exchange traded products that have approximately $5 billion in assets under management at March 31, 2022.