Caledonia Investments agrees to sell Stonehage Fleming stake

(Sharecast News) - Caledonia Investments announced an agreement to sell its minority stake in Stonehage Fleming on Tuesday, to US-based Corient Private Wealth, in a deal expected to complete in the first half of 2026, subject to regulatory approvals. The FTSE 250 investment trust first invested in Stonehage Fleming, a leading multi-family office in the EMEA region, in July 2019.

Since then, the business had expanded significantly both organically and through acquisitions, now operating in 14 countries and overseeing more than $175bn in assets.

Caledonia said it expected to receive net cash proceeds of around £288m from the sale, with £251m payable on completion and a further £37m in two equal instalments six and 12 months later.

The proceeds, along with dividends received to date, represented a 3.2-times multiple on Caledonia's original investment cost.

The group said all proceeds would be held on deposit for future investment.

Its stake was valued at £221m as of 31 March 2025.

An additional contingent payment of up to £9m may be made depending on Stonehage Fleming's revenue growth over the three years following completion.

"The Stonehage Fleming team have fully delivered upon our investment thesis which was centred on building scale, international reach and providing additional services to the fast-growing ultra high net worth market," said Tom Leader, Caledonia's head of private capital.

"We are delighted with what Giuseppe, Stuart and the broader Stonehage Fleming team have achieved during our partnership.

"We thank and congratulate them for their stewardship of the business and wish them every success in their new partnership with Corient."

Stonehage Fleming chairman Giuseppe Ciucci added that the firm chose Caledonia as its partner in 2019 because of "their expertise, long-term investment approach, permanent capital and strong alignment to our ambition".

"Working together, the Caledonia team helped us to deliver our strategy and vision, and we are now well positioned for our next phase of growth," Ciucci said.

"We look forward to combining our resources with Corient to create one of the world's leading multi-family offices."

Caledonia said the transaction remained subject to approvals from the UK's Financial Conduct Authority and other international regulators.

At 1217 BST, shares in Caledonia Invesments were up 0.16% at 364.6p.

Reporting by Josh White for Sharecast.com.