Mattioli Woods has acquired Edinburgh-based wealth manager Caledonia Asset Management in a deal worth up to £1.6m marking its third acquisition of the year.
The buyer will pay an initial consideration of £960,000 for the business and an additional payment of £640,000 if certain performance targets are achieved two years after completion of the deal.
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Founded in 2000, Caledonia offers wealth management services with a focus on lifestyle financial planning, life assurance, pensions and retirement planning, critical illness, ISAs, income protection and personal tax planning.
The deal adds five staffs, over 150 private clients, and approximately £55m in assets under advice to Mattioli Woods’ book.
Mattioli Woods chief executive Ian Mattioli said: “We are delighted to welcome Gordon, Pauline and their experienced team as part of Mattioli Woods.
“Caledonia is a great fit for us both culturally and operationally, serving a similar client base to that of our existing business. This is an important strategic step for the Group, extending the geographic footprint of our wealth management business in Edinburgh.”
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By GlobalDataCommenting on the deal, Caledonia directors Gordon Forbes and Pauline Forbes said: “Mattioli Woods shares our core values and client centred business ethos and so we are delighted to become part of the Mattioli Woods group.
“Combining our strengths will allow Caledonia clients and employees to benefit from the considerable additional resources and support available as part of the Group, enabling our team to enhance and expand the bespoke personal service our clients expect from us.”
Last week, Mattioli Woods agreed to purchase 100% of the share capital of Leicester-based Pole Arnold Financial Management.
In February, the company took over wealth management firm Montagu.
