Kingsway Corporation Scales Search Fund Model Amid Small-Cap Growth

Kingsway Corporation, a company repositioning itself as an operator-led acquisition platform, highlighted its search fund model’s expanding success at a September 23, 2026, virtual conference. The firm, which has completed 6 acquisitions in 2025—exceeding its target of 3 to 5—now operates 15 businesses, including 3 extended warranty operations under the KSX platform. With a portfolio run-rate EBITDA of $22 million to $23 million, Kingsway has surpassed its prior $18 million to $19 million target by over 20%, reflecting a disciplined acquisition strategy focused on mid-single-digit EBITDA multiples (primarily 5x to 5.5x). Each target business is expected to generate $1 million to $3 million in EBITDA annually, and the company maintains a 30%+ internal rate of return hurdle on every deal. Financing remains balanced, with a 50-50 mix of debt and equity, and leverage capped at 2.0 to 2.5 times.