Mattioli Woods has agreed to acquire Buckingham-based employee benefits and wealth management firm Boyd Coughlan for £7m.
The deal will be financed by an initial consideration of £4.5m, consisting of £3.3m cash and a deferred payment of £2.5m in cash payable depending on completion of certain targets in two years’ time.
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The acquisition will add £160m of assets along with a range of both corporate and individual pension clients to Mattioli.
Mattioli Woods said it will raise £18.6m through a firm placing of 2 million shares and a conditional placing of 1.8m shares at 490p each to fund further growth.
Mattioli Woods CEO Ian Mattioli said: "Boyd Coughlan is an excellent strategic fit, offering real synergies with the wider group. The acquisition gives us the ability to offer our pension, property and investment products to Boyd Coughlan’s clients and to offer enhanced employee benefits services to Mattioli Woods’ clients, strengthening our market position."
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