Mattioli Woods to acquire Maven Capital and Ludlow Wealth Management for 143.5mn

LONDON, UK: Mattioli Woods plc announced the proposed acquisitions of Maven Capital Partners UK LLP and Ludlow Wealth Management for a total of £143.5 million.

Mattioli Woods has conditionally agreed to acquire all the membership interests in Maven, for an aggregate maximum consideration of up to £100.0 million (including, subject to certain conditions being satisfied, up to £20.0 million of deferred consideration), comprised of a combination of cash and new Ordinary Shares.

Mattioli Woods has conditionally agreed to acquire Ludlow Wealth Management for an aggregate consideration and other deferred payments of up to £43.5 million on a cash free, debt free basis as at the agreed “locked box” balance sheet date of 30 September 2020.

Ian Mattioli MBE, Chief Executive Officer 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. 

Throughout our discussions with Bill Nixon at Maven and Ian Hemingway at Ludlow Wealth Management, it has been apparent that we share a desire to continue growing the enlarged Group, further enhancing our client proposition and delivering sustainable shareholder returns.

“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.”

Mattioli Woods is a diversified specialist wealth and asset management business.  Its core proposition integrates asset management and financial planning to serve the market sector predominantly consisting of the mass affluent, high-net worth individuals and above including controlling directors and owner-managers, professionals, executives and affluent retirees. 

Its comprehensive range of employee benefit services is particularly suitable for medium-sized to larger corporates.

The Group’s broader wealth management proposition has grown from its strong pensions advisory and administration expertise, with a client base of over 11,000 self-invested personal pensions (SIPP) and small self-administered pension schemes (SSAS) throughout the UK.  As at 30 November 2020, the Group’s assets under management, administration and advice totalled over £10.6 billion.

Maven Capital Partners is one of the UK’s leading private equity and alternative asset managers, providing funding options to UK SMEs14, and offering investment opportunities in VCTs, private equity and property. 

The owner-led business comprises 12 partners, with a regionally based team of 91 investment executives and support professionals.  Maven operates across 10 offices in Glasgow, Edinburgh, Manchester, Birmingham, London, Newcastle, Bristol, Nottingham, Durham and Reading.

Maven and its indirect subsidiary company Maven Property Investments Limited (MPIL) are authorised and regulated by the FCA as Alternative Investment Fund Managers (AIFMs). 

Maven Capital Investments Limited (MCIL), a direct subsidiary of Maven, is an investment holding company with co-investment commitments into a number of regional funds.  MCIL also generates management fees from property deals.  MPIL is a subsidiary of MCIL and is the regulated manager for property deals and generates monitoring and accounting fees from those transactions.

Established in 1993, Ludlow Wealth Management is one of the largest providers of investment, financial planning and pension advice in the North West of England.  Ludlow Wealth Management has 61 employees, including 22 advisers operating from offices in Fylde, Preston, Burnley, Liverpool and Southport.

Ludlow Wealth Management manages £1,622 million of assets under advice (“AuA”) as at 31 March 2021 for 3,371 clients, with an average of £74 million AuA per adviser and an average client size of £0.48 million AuA.  Ludlow Wealth Management has delivered growth, organically and by acquisition; completing 16 acquisitions in the last 12 years, adding £588 million of AuA and £2.4 million of recurring revenue.  Ludlow Wealth Management currently outsources investment management.

Mattioli Woods plc

742.00 GBX +7.00 (0.95%)

25 May, 4:28 pm GMT+1 · Disclaimer

LON: MTW

https://mattioliwoods.com