Completion of Stonehage Fleming sale

Caledonia Investments plc ("Caledonia") is pleased to announce the completion of the sale of its minority interest in Stonehage Fleming Family & Partners Limited ("Stonehage Fleming"), a multifamily office providing advisory services to many of the world's leading families and wealth creators, to Corient Private Wealth LLC ("Corient"), a US headquartered wealth management and advisory business.

Since acquiring its initial stake in July 2019, Caledonia has worked closely with Stonehage Fleming's management team to strengthen its position as the leading independent multi-family office in EMEA and the second largest globally. During this period, the business has achieved strong cross-border growth both organically and through targeted acquisitions, expanding internationally and broadening its service offering to meet the increasingly complex needs of its clients.

Caledonia received cash proceeds, net of transaction expenses of £290m. This includes the proceeds that were previously expected six and twelve months post completion. In addition, the contingent consideration has been confirmed as a payment of approximately £4m, split between two and three years following completion. These proceeds combined with dividends received to date will represent a multiple on invested cost of 3.2 times, an IRR of 20% and a 33% uplift versus the 31 March 2025 carrying value.

On completion, Private Capital will represent approximately 23% of Caledonia's net asset value, compared with its strategic allocation range of 25-35%. The realisation further strengthens Caledonia's liquidity position and provides additional flexibility to support future investment opportunities. We expect to reinvest a meaningful proportion of the realised proceeds into Private Capital, while maintaining our disciplined approach of investing only where we identify high-quality businesses at attractive valuations. In the meantime, the proceeds will be held on deposit and assessed alongside opportunities for all three pools and share buybacks.

Commenting on the completed sale, Mat Masters, Caledonia's CEO, said:

"The sale of Stonehage Fleming is a fantastic outcome for Caledonia and an excellent example of our approach - investing in high quality compounding businesses and supporting management teams as they scale.

I would like to thank Giuseppe Ciucci and the Stonehage Fleming team for their partnership and my colleagues for their dedication in supporting the business throughout our ownership. We are very proud of what has been achieved and wish Giuseppe and his team every success in the next phase of Stonehage Fleming's growth."