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Personal fairness investor Pollen Avenue Capital is to accumulate SIPPs and Monetary Planning agency Mattioli Woods in a £432m deal introduced immediately.
Pollen Avenue has arrange an acquisition automobile, Tiger Bidco, to accumulate Mattioli Woods for £432m in money.
Underneath the deal, Pollen’s Tiger Bidco pays 804p in money for Mattioli Woods, a 34% premium to the Mattioli share worth on 7 March.
Mattioli Woods has acquired a number of companies lately together with numerous Monetary Planning companies (see under).
Pollen Avenue Capital has additionally made numerous acquisitions within the monetary providers sector and owns increasing wealth supervisor and Monetary Planner Kingswood.
Mattioli Woods administrators mentioned they believed that the acquisition offered an “engaging supply” for Mattioli Woods shareholders and can allow Mattioli Woods to proceed its enlargement.
Mattioli Woods is headed by founder and chief government Ian Mattioli.
Mr Mattioli mentioned: “Since our admission to AIM in 2005, we’ve got seen vital enlargement in each the scale and nature of our enterprise, integrating asset administration, Monetary Planning and worker profit providers to serve private and company shoppers all through the UK.
“We’ve got a powerful observe file of mixing like-minded companies that share the identical tradition and ethos of placing shoppers first. The staff at Pollen Avenue Capital share our ardour for delivering distinctive consumer outcomes and have demonstrated their capacity to companion with entrepreneurial monetary providers enterprise. I imagine that with Pollen Avenue Capital’s assist and entry to capital we are able to speed up the supply of our technique and supply our shoppers with the proactive recommendation and bespoke funding options they require.”
Lindsey McMurray, managing companion of Pollen Avenue Capital, mentioned: “We’re happy to have reached settlement with the Mattioli Woods Board on the phrases of Bidco’s supply to Mattioli Woods shareholders.
“We imagine Mattioli Woods would profit from a transition to non-public possession, which might allow Mattioli Woods to speed up its development technique and to capitalise in the marketplace alternative in UK wealth administration. Pollen Avenue Capital has robust heritage in supporting corporations within the monetary and enterprise providers sectors and we’re excited by the chance to work with Mattioli Woods in reaching our bold objectives for the enterprise.”
In February, Mattioli Woods reported pre-tax income up 60% to £7.6m within the six months ended 30 November 2023 with income over the identical interval up 8% to £59.1m
The corporate reported elevated demand for wealth administration and Monetary Planning recommendation, pushed by proposed pension and funding reforms and market situations.
The acquisitive firm mentioned it had a pipeline of potential acquisition alternatives this yr following a busy yr in 2023.
In December its personal fairness division Maven Capital Companions acquired EIS supervisor Newable Ventures Restricted as a part of a transfer into the Enterprise Funding Scheme market.
In September, its subsidiary Ludlow Wealth Administration acquired £53m AUM Blackpool-based Opus Wealth Administration Restricted in a deal probably price greater than £1.4m.
Earlier final yr it acquired a 50.1% stake in Lincoln-based mortgage adviser White Mortgages for £425,000. It additionally acquired Northern Eire Monetary Planner Doherty Pension & Funding Consultancy for £15.048m.
The Pollen Avenue Capital takeover of Mattioli Woods is topic to regulatory and shareholder approval.
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