---
schema_version: "secwatch.filing_event.v1"
accession: "0001437749-23-028717"
form_type: "8-K"
ticker: "KFS"
cik: "0001072627"
company_name: "KINGSWAY FINANCIAL SERVICES INC"
filed_at: "2023-10-23T23:59:59+00:00"
generated_at: "2026-06-09T16:12:07.735538+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Kingsway signs $7.9M deal to acquire 95% of National Institute of Clinical Research (NICR)

## Summary
- Total cash consideration $7,932,500 for 95% membership interest; $1M placed into escrow.
- NICR had $6.6M revenue and $1.2M adjusted EBITDA for TTM ending June 30, 2023 (unaudited).
- Purchase price implies 6.9x trailing adjusted EBITDA.
- Closing expected before end of Kingsway's fiscal first quarter ending March 31, 2024.
- Dr. Davide Zanchi to become CEO of NICR after close.

## SEC filing metadata
- accession: 0001437749-23-028717
- form_type: 8-K
- ticker: KFS
- cik: 0001072627
- company_name: KINGSWAY FINANCIAL SERVICES INC
- filed_at: 2023-10-23T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 1.01, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1072627/000143774923028717/0001437749-23-028717-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1072627/000143774923028717/kfs20231020_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001437749-23-028717
- JSON: https://secwatch.observer/filing/0001437749-23-028717.json
- Plain text: https://secwatch.observer/filing/0001437749-23-028717.txt

## Key facts
- Material Agreements
  KINGSWAY FINANCIAL SERVICES INC entered into Membership Interest Purchase Agreement with National Institute of Clinical Research Inc. valued at $7,932,500 (effective 2023-10-19).
  - Action: entry
  - Agreement: asset purchase
  - Counterparty: National Institute of Clinical Research Inc.
  - Value: $7,932,500
  - Effective: 2023-10-19
  source text: On October 19, 2023, Kingsway Search Xcelerator Inc. (“Kingsway Buyer”), a subsidiary of Kingsway Financial Services Inc. (the “Company”), entered into a Membership Interest Purchase Agreement (the “Agreement”) with National Institute of Clinical Research Inc. (the “Seller”) and Dr. Sali Aswad (the “Shareholder”), pursuant to which the Kingsway Buyer will, subject to the terms and conditions of the Agreement, acquire from Seller ninety-five percent (95%) of the issued and outstanding membership interests (the “Acquired Interests”) of a newly formed California limited liability company (“Newco”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1072627/000143774923028717/0001437749-23-028717-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.