Mattioli Woods has acquired Doherty Pension & Investment for £15.048 million

Mattioli Woods has acquired Doherty Pension & Investment for £15.048 million

LONDON, UK: Mattioli Woods plc (AIM: MTW.L) announced the acquisition of 100% of the share capital of Doherty Pension & Investment Consultancy Limited  from its shareholders for a total consideration of up to £15.048 million on a cash-free, debt-free basis.

Doherty Pension & Investment, a financial planning and wealth management firm based in Northern Ireland, is among the largest in the region, offering specialized pension expertise and discretionary investment management services.

The acquisition of Doherty’s by Mattioli Woods involves a total consideration of up to £15.048 million, consisting of an upfront payment of £6.78 million in cash and £2.0 million in new ordinary shares in Mattioli Woods, along with deferred consideration of £1.5 million and contingent consideration of up to £4.768 million payable in cash within two years of completion. The contingent consideration is dependent on Doherty’s achieving and exceeding forecasted earnings.

The acquisition provides a compelling rationale for Mattioli Woods, as it presents a high-quality opportunity to expand and scale the group’s existing operations in Northern Ireland, augment the group’s existing discretionary management proposition with additional investment expertise, and integrate experienced advisers into the group’s consultancy team.

Furthermore, the acquisition is expected to enhance earnings in the first full year of ownership.

Commenting on the acquisition, Michael Wright, Group Managing Director of Mattioli Woods, said: “It is very rare that such a great opportunity to bring one of the largest financial planning businesses in Northern Ireland into the Mattioli Woods Group presents itself. 

In over 30 years of operations, Doherty’s has built a solid and respected reputation, with integrity and professionalism at the heart of its client service.  It was clear from our initial discussions that Doherty’s is a great fit culturally and strategically, including a focus on long-term client relationships, serving a similar client base to our existing business. 

This acquisition is an important step forward for Mattioli Woods, strengthening our position as the only SSAS and SIPP operator based in Northern Ireland.

“We are delighted to welcome Terry, Alan, John and their team into the Group.  There are many complementary elements between our businesses enhancing our specialist pension, discretionary portfolio management and financial planning propositions.  We believe the range of products and services that Mattioli Woods has to offer can support the excellent outcomes from which Doherty’s clients already benefit.”

Terry Lappin, Managing Director of Doherty Pension & Investment, added: “We are delighted to be joining the Mattioli Woods Group as the synergy between our companies was obvious from our very first discussion.  This can only improve our client offering and we are looking forward with enthusiasm to what can be achieved”.

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