Ian Mattioli

The firm has also announced an equity fundraising to raise gross proceeds of approximately £110 million and an additional Broker Option.

Maven Capital Partners has total committed assets under management of £772m. The acquisition would include a consideration of up to £100m, comprising of an initial £80m to be satisfied as to £50.0m in cash and £30.0m by the issue of new ordinary shares of £0.01 each in the capital of the Company, equating to a multiple of 11.3x FY20 EBITDA.

The acquisition would also include a deferred consideration of up to £20m payable in cash contingent upon the future EBITDA performance of Maven in the first four years post-completion.

The takeovers are in line with the group’s strategy to accelerate growth through strategic acquisitions while enhancing organic growth opportunities; adding scale, distribution and product.

The acquisitions are expected to be earnings accretive in the first full year of ownership. Both buy-outs offer synergies across each element of the group’s responsibly integrated proposition and between themselves. Completion of the acquisitions is conditional upon the approval of shareholders.

Ian Mattioli, 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. 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.”

He concluded: “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.”