ACCESS Newswire 7-Jan-2026 8:00 AM

Kingsway Search Xcelerator's 13th Acquisition

• Outsourced accounting services provider with strong recurring revenue and organic growth

• Unaudited pro-forma annual adjusted EBITDA of $0.4 million

• Ravix Group expands geographically into the Midwest while further diversifying customer end-markets

CHICAGO, IL / ACCESS Newswire / January 7, 2026 / Kingsway Financial Services Inc. (NYSE:KFS) ("Kingsway" or the "Company"), the only publicly-traded US company employing the Search Fund model to acquire and build great businesses, today announced that its wholly-owned subsidiary Ravix Group, Inc. ("Ravix"), has acquired the assets of Ledgers, Inc. ("Ledgers"), a provider of outsourced accounting services based in the state of Illinois.

Founded to serve small businesses and nonprofit organizations and associations, Ledgers delivers outsourced accounting solutions including bookkeeping, financial reporting, and ongoing financial support. Ledgers generated approximately $0.4 million of unaudited pro-forma adjusted EBITDA for the twelve months ended September 30, 2025.

The acquisition expands Ravix's geographic footprint into the Midwest, further diversifies Ravix's customer end-markets, and is a strong cultural fit given Ledgers's client-first approach and long-term customer relationships. The transaction also accelerates Ravix's momentum in the small business and nonprofit verticals following the recent acquisition of The HR Team, Inc. ("The HR Team").

The transaction closed on January 5, 2026, and was funded with a combination of cash on hand, debt financing, and a seller note. Ravix provided 100% of the equity capital for the transaction, with no additional funding required from the Kingsway parent company.

Management will provide additional details about the acquisition during the company's fourth quarter 2025 earnings call. Timi Okah, CEO of Ravix, sourced and led the transaction for Kingsway.

Management Commentary

"This acquisition aligns squarely with our strategy of acquiring profitable, service-based businesses with strong recurring revenue and organic growth," said JT Fitzgerald, President and CEO of Kingsway. "It's also an excellent example of the KSX flywheel in action - where our operating companies fund strategic M&A out of cash flow at the operating level, without relying on incremental capital from the Kingsway parent company. We are excited to support Ledgers's growth ambitions, and thrilled to welcome Kelly and her team to Kingsway."

"Ledgers has built a wonderful business with robust organic growth and high customer retention by always putting its clients first," said Timi Okah, CEO of Ravix. "We believe that by leveraging the Ravix operating platform and playbook, and by working together with The HR Team which offers complementary services to similar customer end-markets, Ledgers is well-positioned to drive further growth while maintaining the client-centric model that has underpinned its success."

"Joining Kingsway provides us with a strong partner and a long-term home," said Kelly Ettling, Founder of Ledgers, Inc. "Kingsway's decentralized approach allows us to continue serving our clients with the same focus and culture, while benefiting from additional resources and opportunities for growth."

About Ledgers, Inc.

Ledgers, Inc. ("Ledgers") is a leading provider of outsourced accounting services that helps small businesses, nonprofit organizations, and professional services firms streamline their financial operations and make smarter financial decisions. With a dedicated team of experienced accounting professionals, Ledgers delivers tailored financial reporting, bookkeeping, payroll processing, and compliance support designed to meet the unique needs of each client. The company's solution-oriented approach emphasizes accuracy, transparency, and practical financial insight, enabling clients to focus on mission-critical priorities with confidence.

About the Company

Kingsway Financial Services Inc. ("Kingsway") (NYSE:KFS) is the only publicly-traded US company employing the Search Fund model to acquire and build great businesses.

Kingsway owns and operates a collection of high-quality B2B and B2C services companies that are asset-light, growing, profitable, and that have recurring revenues. Kingsway seeks to compound long-term shareholder value on a per share basis via its decentralized management model, its talented team of operators, and its tax-advantaged corporate structure.

Forward-Looking Statements

This press release may include "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that are not historical facts and involve risks and uncertainties that could cause actual results to differ materially from those expected and projected. Words such as "expects," "believes," "anticipates," "intends," "estimates," "seeks," and variations and similar words and expressions are intended to identify such forward-looking statements; however, the absence of any such words does not mean that a statement is a not a forward-looking statement. Such forward-looking statements relate to future events or future performance, but reflect Kingsway management's current beliefs, based on information currently available. A number of factors could cause actual events, performance, or results to differ materially from the events, performance, and results discussed in the forward-looking statements. For information identifying important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements, please refer to the section entitled "Risk Factors" in the Company's 2024 Annual Report on Form 10-K and subsequent Form 10-Qs and Form 8-Ks filed with the Securities and Exchange Commission. Except as expressly required by applicable securities law, the Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events, or otherwise.

Additional Information

Additional information about Kingsway, including a copy of its Annual Reports can be accessed on the EDGAR section of the U.S. Securities and Exchange Commission's website at www.sec.gov, on the Canadian Securities Administrators' website at www.sedar.com, or through the Company's website at www.kingsway-financial.com.

For Investor Inquiries:
Hayden IR
James Carbonara
(646) 755-7412
james@haydenir.com

For Company Inquiries:
Kingsway Financial Services Inc.
Kent Hansen, CFO
(312) 766-2163
khansen@kingsway-financial.com

SOURCE: Kingsway Financial Services, Inc.

View the original press release on ACCESS Newswire