Caledonia to sell stake in Stonehage Fleming to Corient

LONDON - Caledonia Investments plc has agreed to sell its minority stake in multi-family office Stonehage Fleming to US-based Corient Private Wealth LLC, according to a press release statement issued Tuesday.

The transaction, which is subject to regulatory approvals in the UK and other jurisdictions, is expected to complete in the first half of 2026.

Caledonia is set to receive approximately £288 million in net cash proceeds from the sale. About £251 million will be paid upon closing, with the remaining £37 million to be distributed in two equal installments at 6 and 12 months after completion. An additional contingent payment of up to £9 million may become payable, depending on Stonehage Fleming’s revenue growth over the three years following the deal’s completion.

The FTSE 250 investment trust initially acquired its stake in Stonehage Fleming in July 2019. In Caledonia’s audited accounts as of March 31, 2025, the shareholding was valued at £221 million.

Stonehage Fleming, led by Executive Chairman Giuseppe Ciucci and CEO Stuart Parkinson, operates in 14 countries through 20 offices and is involved in the management, fiduciary oversight and administration of assets exceeding $175 billion.

Tom Leader, Caledonia’s Head of Private Capital, noted that Stonehage Fleming has "further strengthened its position as the largest independent multi-family office in EMEA" during Caledonia’s six-year investment period.

The sale is part of a broader transaction involving other Stonehage Fleming shareholders. Proceeds from the sale will be held on deposit for future investment, according to the company.

The deal represents a 3.2 times multiple on Caledonia’s invested cost when combined with dividends received to date.

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