KFS - Kingsway Financial Services acquires CSuite Financial for $8.5M

• Kingsway Financial Services ( NYSE: KFS ) said Tuesday it acquired CSuite Financial Partners , a privately-held financial executive services firm based in Manhattan Beach, California, for $8.5M.
• The deal is expected to be immediately accretive, adds $9.4M of unaudited revenue, $0.9M income before income taxes and $1.8M of unaudited adj. EBITDA.
• The purchase price includes $0.9M paid with cash on hand at close, with up to additional payment of $3.55M over the next three years contingent on meeting certain targets.
• Kingsway Financial ( KFS ) expects to complete a recapitalization of the loan currently in place at its unit Ravix in the near future.
• "We believe the addition of CSuite complements the offerings provided by Ravix – both CSuite and Ravix will be able to go to market as a one-stop shop of services for our clients," said Ravix CEO Timi Okah.

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