TCF is the holding company of Kudos, an employee benefits and wealth management business founded in 1991.
Aberdeen-based Kudos, which also has offices in Glasgow and London, has 45 staff providing financial planning advice to both high net worth individuals and companies.
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The total consideration consists of an initial consideration of £3.94m, comprising £2.75m in cash.
The initial cash consideration is being funded from the group’s existing resources and results in a cash outflow at completion of £2.4m, including deal costs and net of estimated cash acquired in Kudos at completion.
Following the acquisition, Kudos’ experienced management team will be retained by Mattioli Woods.
Mattioli Woods CEO Ian Mattioli said in addition to extending their geographic footprint, the acquisition gives them the ability to offer their core SIPP, property and investment products to Kudos’ clients and to offer enhanced employee benefits services to Mattioli Woods’ clients and the wider market.
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