Mattioli Woods has signed binding agreements to acquire Maven Capital Partners and Ludlow Wealth Management Group.

Maven Capital Partners is a private equity and alternative asset manager in the UK, while Ludlow Wealth Management Group is a financial planning and pension advice firm.

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The British wealth manager is buying Maven for approximately £100m, comprising £80m up front payment and £20m on meeting performance targets in the four years after completion.

Ludlow will be acquired in a deal worth around £43.5m, which includes up front payment of £36.1m and an additional £6.4m in cash and up to £1m in bonuses based on performance.

The deals, which are claimed to be Mattioli Woods’ largest till date, are expected to close within the next few weeks.

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According to Mattioli Woods, the acquisitions will expand its direct and intermediated distribution channels for new and existing products and services and advance its organic growth potential.

Maven offers investment opportunities in VCTs, private equity, and property. The owner-led business has 12 partners and a regional team of over 90 investment executives and support professionals.

It owns 10 offices in Glasgow, Edinburgh, Manchester, Birmingham, London, Newcastle, Bristol, Nottingham, Durham and Reading.

Ludlow Wealth Management specialises in investment, financial planning and pension advice.

The firm has 61 employees, including 22 advisers working across five office locations in Fylde, Preston, Burnley, Liverpool and Southport.

Comments

Mattioli Woods CEO Ian Mattioli said the acquisitions mark significant milestones in Mattioli Woods’ journey.

Mattioli said: “These transactions represent a complementary extension of the Group’s existing investment proposition and add to our distribution capacity, allowing us to continue developing our product offering, accelerate organic growth and realise both revenue and cost synergies.”

Maven Capital Partner managing partner Bill Nixon said: “Both businesses have admired the progress achieved by the other over the past decade, and culturally this acquisition represents an excellent fit. It’s very much business as usual, but this exciting partnership will deliver enhanced opportunities and new product potential which will benefit both businesses and our respective clients.”

Ludlow Wealth Management CEO Ian Hemingway said the deal is a hugely positive one for both staff and clients of Ludlow Wealth Management.