Mattioli Woods has announced plans to buy a North West wealth management firm for around £43.5m as well as a London-based private equity investor in a deal worth £100m.
The Leicester-based provider of wealth management and employee benefit services announced on Wednesday it will acquire Southport-based Ludlow Wealth Management and London-headquartered Maven Capital Partners UK.
The Merseyside firm has 61 employees, including 22 advisers operating from offices in Fylde, Preston, Burnley, Liverpool and Southport. It manages £1.622m of assets for over 3,300 clients.
Ian Mattioli MBE, CEO of Mattioli Woods, 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. We have a strong track record of combining like-minded businesses that share the same culture and ethos of putting clients first.
“The teams at Maven and Ludlow Wealth Management share our passion for delivering exceptional client outcomes and going the extra mile.”
He said throughout discussions with Maven and Ludlow, it was “apparent” that the firms “share a desire to continue growing the enlarged group – further enhancing our client proposition and delivering sustainable shareholder returns”.
Maven manages around £772m in assets under management across 10 offices in Glasgow, Edinburgh, Manchester, Birmingham, London, Newcastle, Bristol, Nottingham, Durham and Reading.
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Mr Mattioli added: “These transactions represent a complementary extension of the group’s existing investment proposition and add to our distribution capacity, allowing us to continue developing our product offering, accelerate organic growth and realise both revenue and cost synergies.
“I believe we are better-positioned than ever to provide our clients with the proactive advice and bespoke investment solutions they require.”