Kingsway Announces Acquisition of The HR Team, Inc. by Ravix Group
Kingsway Financial Services (NYSE:KFS) announced that its subsidiary Ravix Group has completed the acquisition of The HR Team, a Maryland-based human resources services firm. The acquisition, which closed on August 1, 2025, represents Kingsway Search Xcelerator's 11th acquisition and brings an unaudited pro-forma annual adjusted EBITDA of $0.2 million.
The strategic acquisition enhances Ravix's Office of the CFO platform with expanded HR services capabilities, including HR compliance, organizational development, and outsourced HR support. The deal was funded through cash on hand and a seller note, with The HR Team's founder Eileen Levitt transitioning to an Executive Advisor role.
Kingsway Financial Services (NYSE:KFS) ha annunciato che la sua controllata Ravix Group ha completato l'acquisizione di The HR Team, una societ脿 di servizi per le risorse umane con sede nel Maryland. L'acquisizione, conclusa il 1掳 agosto 2025, rappresenta l'undicesima acquisizione di Kingsway Search Xcelerator e porta a un EBITDA rettificato pro-forma annuale non revisionato di 0,2 milioni di dollari.
Questa acquisizione strategica potenzia la piattaforma Office of the CFO di Ravix con capacit脿 ampliate nei servizi HR, tra cui la conformit脿 HR, lo sviluppo organizzativo e il supporto HR esternalizzato. L'operazione 猫 stata finanziata con liquidit脿 disponibile e un prestito del venditore, mentre la fondatrice di The HR Team, Eileen Levitt, assumer脿 il ruolo di Consulente Esecutivo.
Kingsway Financial Services (NYSE:KFS) anunci贸 que su subsidiaria Ravix Group ha completado la adquisici贸n de The HR Team, una firma de servicios de recursos humanos con sede en Maryland. La adquisici贸n, que se cerr贸 el 1 de agosto de 2025, representa la und茅cima adquisici贸n de Kingsway Search Xcelerator y aporta un EBITDA ajustado anual pro forma no auditado de 0,2 millones de d贸lares.
Esta adquisici贸n estrat茅gica mejora la plataforma Office of the CFO de Ravix con capacidades ampliadas en servicios de recursos humanos, incluyendo cumplimiento de HR, desarrollo organizacional y soporte HR externalizado. La operaci贸n fue financiada con efectivo disponible y un pagar茅 del vendedor, y la fundadora de The HR Team, Eileen Levitt, pasar谩 a desempe帽ar el papel de Asesora Ejecutiva.
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Kingsway Financial Services (NYSE:KFS) a annonc茅 que sa filiale Ravix Group a finalis茅 l'acquisition de The HR Team, une soci茅t茅 de services en ressources humaines bas茅e dans le Maryland. Cette acquisition, conclue le 1er ao没t 2025, constitue la 11e acquisition de Kingsway Search Xcelerator et g茅n猫re un EBITDA ajust茅 annuel pro forma non audit茅 de 0,2 million de dollars.
Cette acquisition strat茅gique renforce la plateforme Office of the CFO de Ravix avec des capacit茅s 茅largies en services RH, incluant la conformit茅 RH, le d茅veloppement organisationnel et le support RH externalis茅. L'op茅ration a 茅t茅 financ茅e par des liquidit茅s disponibles et un billet du vendeur, tandis que la fondatrice de The HR Team, Eileen Levitt, passera au r么le de conseill猫re ex茅cutive.
Kingsway Financial Services (NYSE:KFS) gab bekannt, dass seine Tochtergesellschaft Ravix Group die 脺bernahme von The HR Team, einem auf Personalwesen spezialisierten Unternehmen mit Sitz in Maryland, abgeschlossen hat. Die 脺bernahme, die am 1. August 2025 abgeschlossen wurde, stellt die elfte Akquisition von Kingsway Search Xcelerator dar und bringt ein ungepr眉ftes pro-forma bereinigtes EBITDA von 0,2 Millionen US-Dollar pro Jahr.
Die strategische 脺bernahme erweitert die Office of the CFO-Plattform von Ravix um erweiterte HR-Dienstleistungen, einschlie脽lich HR-Compliance, Organisationsentwicklung und ausgelagerte HR-Unterst眉tzung. Die Finanzierung erfolgte durch vorhandene liquide Mittel und eine Verk盲uferanleihe, wobei die Gr眉nderin von The HR Team, Eileen Levitt, in die Rolle einer Executive Advisor wechselt.
- Acquisition brings $0.2 million in pro-forma annual adjusted EBITDA
- Expands Ravix's capabilities in HR services and East Coast presence
- Creates cross-selling opportunities and diversifies client base
- Strengthens presence in nonprofit, membership organization, and government services verticals
- Asset-light business model with recurring revenues
- Additional debt taken through seller note for acquisition funding
Insights
Kingsway's acquisition of The HR Team expands Ravix's HR capabilities with minimal financial impact but strategic growth potential.
Kingsway Financial Services (NYSE: KFS) has completed its 11th acquisition under its Search Xcelerator model, with subsidiary Ravix Group acquiring The HR Team, a Maryland-based HR services provider. This strategic bolt-on acquisition brings modest financial impact with pro-forma annual adjusted
The transaction strengthens Ravix's Office of the CFO platform by expanding its HR service capabilities, particularly in compliance, organizational development, and outsourced HR support. The deal provides three key strategic benefits:
- Geographic expansion to the East Coast
- Diversification into nonprofit, membership organization, and government service verticals
- Enhanced cross-selling opportunities across the combined client base
Financially, the acquisition was funded through a combination of cash on hand and seller financing, suggesting a capital-efficient approach. While the purchase price wasn't disclosed, the
The acquisition aligns with Kingsway's broader strategy of empowering its operating CEOs to grow their business units through strategic acquisitions after the initial platform investment. This model leverages Kingsway's search fund approach while allowing operational leaders like Ravix CEO Timi Okah to identify and execute complementary acquisitions. The recurring revenue nature of the HR services business supports Kingsway's focus on predictable, asset-light business models.
Kingsway Search Xcelerator's 11th Acquisition
Asset-light outsourced human resources services business with recurring revenues
Unaudited pro-forma annual adjusted EBITDA of
$0.2 million
CHICAGO, ILLINOIS / / August 6, 2025 / (NYSE:KFS) Kingsway Financial Services Inc. ("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 completed the strategic acquisition of The HR Team, Inc. ("The HR Team"), a specialized firm of human resources professionals based in the state of Maryland.
The transaction enhances Ravix's ability to deliver comprehensive human resources ("HR") services as part of its Office of the CFO platform, and expands Ravix's capabilities in HR compliance, organizational development, and outsourced HR support services. The combination expands and diversifies Ravix's client base, creates meaningful cross-selling opportunities, and provides a strong foundation for further expansion in outsourced HR services.
The transaction closed on August 1, 2025, and was funded with cash on hand and a seller note.
Management will provide additional details about the acquisition during the company's second quarter 2025 earnings call. Timi Okah, CEO of Ravix, sourced and led the transaction for Kingsway.
Management Commentary
"I am delighted to welcome The HR Team to Ravix and to Kingsway," said JT Fitzgerald, President and CEO of Kingsway. "This transaction highlights our broader strategy of backing our talented Operator CEO's as they seek to grow their businesses, even after the initial acquisition. Timi is doing an exceptional job not only operating Ravix but also identifying and executing on new opportunities for growth. At Kingsway, our focus remains empowering our Operator CEO's as they scale their businesses and pursue long-term value creation."
"The HR Team is a strong strategic and cultural fit for Ravix," said Timi Okah, CEO of Ravix. "Strategically, the acquisition expands our capabilities in HR services, strengthens our presence on the East Coast, and accelerates our growth in the nonprofit, membership organization, and government services verticals. Culturally, The HR Team's commitment to outstanding customer service mirrors our client-centric model at Ravix. Bringing the two organizations together represents a meaningful step forward in our strategy to build a more diversified, high-retention business."
"Joining forces with Ravix is a natural evolution for The HR Team," said Eileen Levitt, Founder and President of The HR Team. "We share a common commitment to exceptional client service and practical, people-centered solutions. As I step into an Executive Advisor role, I look forward to supporting the integration and to continuing to help our team and clients succeed under the Ravix platform."
About The HR Team, Inc.
Founded in 1996, The HR Team is a respected HR outsourcing firm serving small and mid-sized organizations across a diverse range of sectors including technology, construction, financial services, and nonprofits. From the outset, The HR Team has distinguished itself by delivering personalized, strategic HR support including acting as a cost-effective alternative to an in-house HR department. With a reputation built on tailored solutions, The HR Team has consistently prioritized culture fit, client trust, and strategic impact in its customized service model.
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 , on the Canadian Securities Administrators' website at , or through the Company's website at .
For Investor Inquiries:
Hayden IR
James Carbonara
(646) 755-7412
[email protected]
For Company Inquiries:
Kingsway Financial Services Inc.
Kent Hansen, CFO
(312) 766-2163
[email protected]
SOURCE: Kingsway Financial Services, Inc.
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