International financial services firm, The Caledonian Group, announced that it has been acquired by New World Holdings Inc. a privately held investment company in the Cayman Islands.
The new company will be known as Caledonian Global Financial Services and form one of the largest, specialised financial services providers in the jurisdiction. Under the terms of the agreement, which was unanimously approved by both companies’ boards of directors, New World will invest additional capital into the Caledonian Group of Companies creating a financially strong and well-diversified business. Regulatory approval has been obtained in the Cayman Islands and is pending approval in the Isle of Man and the British Virgin Islands.
As a result of the acquisition, New World’s principals Kobi Dorenbush and Barry McQuain have been appointed as joint CEO’s of Caledonian Global Financial Services. Caledonian was founded 40 years ago by the late William Walker, whose vision was to build and grow the business into a leading international financial services group. Mr. Dorenbush and Mr. McQuain share that vision and intend to support and grow all aspects of Caledonian’s business lines, Caledonian said in a news release.
“This is an exceptional strategic fit for Caledonian and it will position us to become a greater global force with diversified service offerings, customer mix and geographic presence,” said David Walker, Caledonian’s global managing director. “We look forward to building on our current focus, expanding our services and global reach to meet the growing needs of our clients. We are confident the new principals bring an outstanding level of expertise and resources to our company and our jurisdictions.”
New World’s principals have extensive experience in financial services – including but not limited to, private equity, hedge funds, investment banking, private banking, investment management and trust administration. They will work closely with Caledonian’s existing management team to grow the business to enhance its existing service offerings and develop new lines of business, the Group said.
“The combination of New World and Caledonian is extremely compelling. We expect to realise great synergies, increase our range of services and create a powerful leader in the financial industry,” Mr. Dorenbush said.
“We look forward to working with the Caledonian team to continue the firm’s successful legacy of being a pioneer in the Cayman Islands financial services industry. With Caledonian’s respected brand and a high profile network of international experts, we plan to strengthen the firm, its resources and people, in order to surpass the already premium quality service our clients expect and enjoy,” Mr. McQuain said.