Mattioli Woods Plc  

Mattioli Woods scoops up wealth management firm

Mattioli Woods scoops up wealth management firm

Mattioli Woods has acquired Twickenham-based wealth management firm Montagu, in a deal worth up to £2.34m.

Montagu, which provides advice and administration for more than 150 private clients and businesses, has about £80m of assets under advice and produced a profit of £310,000 last year with revenues of £770,000.

The firm has a team of four staff, who will all remain with Mattioli Woods as part of the acquisition.

The deal will see Mattioli Woods pay £1.39m upfront, of which £1.09m is in cash and the rest in shares, and deferred payments of £950,000 over the next two years depending on revenue targets being met.

The acquisition is set to extend Mattioli Woods’ reach in London and the wider south east of England.

Ian Mattioli, chief executive officer of Mattioli Woods, said: “We believe the range of products and services that Mattioli Woods has to offer can support the excellent outcomes from which Montagu's clients already benefit, whilst offering the potential to realise real revenue synergies by combining our operations."

Chris Simpkin, Montagu's managing director, added: “Our clients and staff will continue to benefit from our combined strong ethos and culture.  

“Moving forward, the additional resources and support of being part of the Mattioli Woods Group will help us continue to provide our clients with the highest level of service that they have come to expect.  

“We look forward to what the future will bring and sharing this with our clients".

Mattioli Woods has been active in its push for growth over the past few years, taking part in a number of deals in the acquisitions space.

At the end of 2019 it acquired Glasgow-based Turris Partnership in a deal worth up to £1.6m.

Last year (March 2020), it acquired private client adviser and asset manager Hurley Partners in a deal worth up to £25.6m.

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