British wealth manager Mattioli Woods has purchased the entire share capital of Taylor Patterson, a Lancashire-based financial advisory and wealth management firm, for £8.3m.
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Under the term of the deal, Mattioli Woods will pay an initial consideration of £5m comprising £2.5m in cash and 420,000 shares as well as deferred consideration of up to £3.3m that will be paid over the next three years if certain financial targets are met.
The company said that payment of the initial cash consideration resulted in a cash outflow at completion of £2.7m, including deal costs.
Founded in 1979, Taylor Patterson has 38 staff and delivers wealth management and employee benefits services to personal and corporate clients. Its wealth management unit comprises SSAS and SIPP administration.
Taylor Patterson posted a profit before taxation of £0.90m on revenues of £3.21m for the year ended 31 July 2015. The group’s consolidated net assets stood at £0.79m at 31 July 2015.
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By GlobalDataMattioli Woods CEO Ian Mattioli said: "This acquisition is an important step for Mattioli Woods, as we continue to expand our operations. Taylor Patterson is a great fit culturally and strategically, serving a similar client base to our existing business, while expanding our geographic footprint into the North West of England.
"I believe this will strengthen our market position and is an exciting step forward in the development of Mattioli Woods as a broader wealth management business."
Taylor Patterson managing director Gillian Bardin said: "We are looking forward to continuing to deliver clear, flexible and high-quality, client-focused financial solutions, while introducing the new possibilities that being part of the Mattioli Woods Group brings."
