Wealth management firm Mattioli Woods has acquired Montagu Limited for £2.34m ($3.19m) on a cash-free, debt-free basis.

Founded in 1996, Montagu provides wealth management advice and administration for over 150 private and corporate clients. In addition, Montagu holds approximately £80m in assets under advice. it is based in Twickenham and employs four staff, all of whom will also join Mattioli Woods.

The deal includes £1.39m in an initial cash consideration and contingent consideration of up to £0.95m payable in cash on the first and second anniversaries of completion. This is subject to revenue targets being met.

Ian Mattioli, chief executive of Mattioli Woods, said: “Our discussions have confirmed the strong cultural fit and our common approach to looking after clients, and we are very pleased that Chris and his team are joining Mattioli Woods. The transaction expands our existing operations in London and the South East. We believe the range of products and services that Mattioli Woods has to offer can support the excellent outcomes from which Montagu’s clients already benefit, whilst offering the potential to realise real revenue synergies by combining our operations.”

Chris Simpkin, Montagu’s managing director, added: “From our earliest discussions with Mattioli Woods it was clear that we shared the same core values and business culture of putting our clients’ interests at the heart of everything we do. We are delighted to become part of the Mattioli Woods Group; one of the UK’s top financial services companies. Our clients and staff will continue to benefit from our combined strong ethos and culture.

“Moving forward, the additional resources and support of being part of the Mattioli Woods Group will help us continue to provide our clients with the highest level of service that they have come to expect. We look forward to what the future will bring and sharing this with our clients”.

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At the end of 2020, Mattioli Woods unveiled that it is looking for acquisitions despite the market turmoil triggered by the Covid-19 crisis and political uncertainties.

The wealth manager also revealed that its year ended 31 May 2020 had been successful, with the financial result and adjusted EBITDA margin “significantly ahead of budget”.

The firm attributed the performance to one-off reduction in bonuses and other cost cuts linked to COVID-19.