Mattioli Woods has acquired the pension administration business of Lindley Group for a total cash consideration of £199,001.
The deal is being funded from existing cash resources and results in a cash outflow on completion of about £230,000, which includes deal costs. It also comprises all the share capital of Lindley Trustees.
Founded in 1979, the pension business provides trustee and administration services to more than 130 small self-administered pension schemes, with assets under administration of more than £116m.
In 2014, the business generated revenues of £310,323. It provides specialist trustee services to small self administered schemes, self invested personal pensions and funded unapproved retirement benefit schemes.
According to a London Stock Exchange statement, the acquisition is expected to be earnings enhancing in the first full year of ownership, following the realisation of synergies and other benefits from combining activities with those of Mattioli Woods.
Ian Mattioli, the firm’s chief executive, said: “This acquisition extends the existing relationships we have with intermediaries like the Lindley Group, where Mattioli Woods has proven to be a sound strategic partner with the expertise, scale and systems to give the very best Sipp and Ssas administration, delivering an enhanced service and long-term security for clients.”
He added that with increasing complexity and continuing consolidation in both these sectors, the firm anticipates further opportunities to expand the pension administration business by acquisition.
Last month, Mattioli Woods bought Taylor Patterson Group - whose wealth management operations include Ssas and Sipp administration - and its subsidiaries for up to £8.3m.
peter.walker@ft.com
