Kingsway Search Xcelerator’s wholly‑owned subsidiary, Ravix Group, announced on January 7 2026 that it has acquired the assets of Ledgers, Inc., a Chicago‑based outsourced accounting services provider that serves small businesses, nonprofits, and associations. The transaction expands Ravix’s geographic footprint into the Midwest and diversifies its customer base across new end‑markets.
The deal is expected to add approximately $0.4 million in pro‑forma annual adjusted EBITDA to Ravix’s financials. While the total purchase price was not disclosed, the transaction was financed with a combination of cash, debt, and a seller note, consistent with Ravix’s asset‑light, high‑margin acquisition strategy. Management indicated that Ledgers’ client relationships and service capabilities will be integrated into Ravix’s existing platform, creating cross‑sell opportunities and reinforcing recurring revenue streams.
Strategically, the acquisition aligns with Kingsway’s search‑fund model of building high‑margin service businesses. By adding Ledgers, Ravix gains a foothold in the Midwest—a key growth region for Kingsway—and broadens its service mix to include bookkeeping, financial reporting, and ongoing financial support for a new set of small‑business and nonprofit clients. The move is designed to accelerate organic growth and enhance the scalability of Ravix’s operations.
Financially, the acquisition is part of a broader effort to strengthen the Kingsway Search Xcelerator (KSX) segment, which has shown steady revenue and EBITDA growth in recent periods. Kingsway’s overall financial profile—negative net margin and a debt‑to‑equity ratio of 2.37—highlights the importance of disciplined, asset‑light acquisitions to drive profitability. The $0.4 million EBITDA contribution from Ledgers is a modest but meaningful addition to the KSX segment’s earnings base.
While no immediate market reaction data is available, the transaction signals Kingsway’s continued focus on high‑margin, recurring‑revenue service businesses. Analysts note that the acquisition fits the company’s long‑term strategy of expanding into new geographic regions and customer segments while maintaining an asset‑light operating model. The deal is expected to enhance Ravix’s competitive positioning and provide a platform for future growth in the Midwest and beyond.
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