Sipps provider and discretionary manager Mattioli Woods has acquired Newmarket-based employee benefits and wealth management business Atkinson Bolton Consulting in a deal valued at close to £6m.
The acquisition enhances Mattioli Woods existing employee benefits proposition at a time when the introduction of the National Employment Savings Trust and auto-enrolment present clear opportunities, the firm said.
In addition, the acquisition offers the enlarged group the “opportunity to extend the provision of Sipps to a wider audience and adds further specialist wealth management expertise to Mattioli Woods’ existing operations.
The total consideration of up to £5.99m consists of an initial consideration of £3.24m, comprising £375,000 in cash and the remainder in Mattioli Woods shares, plus a deferred consideration of up to £2.75m payable in cash in the four years following completion if certain growth targets are met.
Atkinson employs 50 staff providing advice to both high net worth individuals and companies. It also offers a full discretionary management service and operates its own open ended investment company, The IM Thoroughbred Funds ICVC.
Atkinson has total funds under management and advice of around £420m. In the year ended 31 December 2012, it generated a profit after taxation and before shareholders’ dividends of £610,000 on revenues of £2.88m.
Ian Mattioli, chief executive of Mattioli Woods, said: “The acquisition of Atkinson Bolton is an excellent cultural and strategic fit, offering real synergies with the wider Mattioli Woods Group.
“This is another exciting step forward in our development as a broader wealth management business and offers us the ability to provide additional value-added services to clients of both firms.”
