A North West provider of wealth management services looks set to be acquired by Mattioli Woods in a deal worth up to £43.5m as part of the company’s latest acquisition drive. Mattioli Woods is also set to buy Maven Capital Partners UK, a private equity investor and alternative asset manager in a deal worth up to £100m.
Established in 1993, Ludlow Wealth Management is one of the largest providers of investment, financial planning and pension advice in the region.
It has 61 employees, including 22 advisers, operating from offices in Fylde, Preston, Burnley, Liverpool and Southport.
The company manages £1.62bn of assets under advice as at 31 March 2021 for 3,371 clients, with an average of £74m AuA per adviser and an average client size of £480,000 AuA.
Ludlow Wealth Management has delivered growth, organically and by acquisition; completing 16 acquisitions in the last 12 years.
Mattioli Woods is also set to buy Maven Capital Partners UK, a private equity investor and alternative asset manager which operates from ten offices across the UK.
Maven manages approximately £772m in assets under managment, including an MBO fund, supporting management buyouts in the UK smaller and lower mid-market, four venture capital trusts listed on the London Stock Exchange and Seven regional funds, providing equity and debt growth capital for SMEs in specific UK regions.
Regional funds managed by Maven include NPIF Equity Finance, Finance Durham, MEIF Debt Finance and North East Development Capital Fund.
Maven Investor Partners funds individual private equity and property deals.
Listed wealth and asset management business Mattioli Woods is raising £110m through a placing ahead of the deals completing.
Chief executive Ian Mattioli said: “These acquisitions mark significant milestones in Mattioli Woods’ journey.
“Since our admission to AIM in 2005 we have seen significant expansion in both the size and nature of our business, responsibly integrating asset management, financial planning and employee benefit services to serve personal and corporate clients throughout the UK.
“The acquisitions of Maven and Ludlow Wealth Management represent meaningful progress towards our ambitious medium-term goals.
“I believe we are better-positioned than ever to provide our clients with the proactive advice and bespoke investment solutions they require.”
Canaccord Genuity is acting as Mattioli Woods’ nominated advisor and, with N+1 Singer, its joint bookrunner and joint broker.