Leicester-based asset management firm Mattioli Woods announced the proposed acquisition of Glasgow-based private equity and alternative asset manager Maven Capital Partners for up to £100 million and the proposed acquisition of Southport-based financial planning firm Ludlow Wealth Management Group for up to £43.5 million.
Mattioli Woods also announced an equity fundraising to raise gross proceeds of £110 million.
Maven is an owner-led business with 12 partners and 90 investment executives based at 10 offices in Glasgow, Edinburgh, Manchester, Birmingham, London, Newcastle, Bristol, Nottingham, Durham and Reading.
Maven has total committed assets under management of £772 million, said Mattioli Woods, and Ludlow has total assets under advice of £1.6 billion.
Mattioli Woods CEO Ian Mattioli said: “These acquisitions mark significant milestones in Mattioli Woods’ journey.
“Since our admission to AIM in 2005 we have seen significant expansion in both the size and nature of our business, responsibly integrating asset management, financial planning and employee benefit services to serve personal and corporate clients throughout the UK.
“The acquisitions of Maven and Ludlow Wealth Management represent meaningful progress towards our ambitious medium-term goals.
“We have a strong track record of combining like-minded businesses that share the same culture and ethos of putting clients first.
“The teams at Maven and Ludlow Wealth Management share our passion for delivering exceptional client outcomes and going the extra mile.
“Throughout our discussions with Bill Nixon at Maven and Ian Hemingway at Ludlow Wealth Management, it has been apparent that we share a desire to continue growing the enlarged group, further enhancing our client proposition and delivering sustainable shareholder returns.
“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.
“I believe we are better-positioned than ever to provide our clients with the proactive advice and bespoke investment solutions they require.”
Maven Capital Partners MD Bill Nixon said: “Today marks an important step in the continued evolution and growth of the Maven business.
“Since inception in 2009, Maven has consistently grown its AUM, developing a portfolio of SME products for a wide range of valued private and public sector clients.
“Our people have been critical to that success and finding the right partner who understands our business and can help our team deliver the next stage of growth has therefore been a key objective for myself and the other Maven partners.
“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 is one of the largest independent providers of investment, financial planning and pension advice in the North West of England with 61 employees, including 22 advisers operating across five office locations in Fylde, Preston, Burnley, Liverpool and Southport.