Mattioli Woods Plc  

Mattioli Woods acquires wealth management firm for £1.6m

Mattioli Woods acquires wealth management firm for £1.6m

Mattioli Woods has acquired Caledonia Asset Management in a deal worth up to £1.6m.

The deal with the Edinburgh-based firm will see Mattioli Woods pay £960,000 up front and a further £64,000 on meeting performance targets in the two years after completion.

Founded in 2000, Caledonia provides wealth management services to affluent individuals and families.

It works with about 150 private clients and has £55m of assets under advice.

Its five-strong team will all remain with Mattioli Woods following completion of the deal.

Ian Mattioli, chief executive officer of Mattioli Woods, said: “We are delighted to welcome Gordon, Pauline and their experienced team as part of Mattioli Woods. 

“Caledonia is a great fit for us both culturally and operationally, serving a similar client base to that of our existing business.  

“This is an important strategic step for the group, extending the geographic footprint of our wealth management business in Edinburgh.”

In the year ended December 31, 2020, Caledonia generated revenues of £0.45m with a profit before tax of £0.18m. 

The acquisition is expected to be earnings enhancing in the first full year of ownership.

Gordon Forbes and Pauline Forbes, Caledonia's directors, added: "This is a very positive step for everyone associated with Caledonia, especially our clients and employees.  

“Mattioli Woods shares our core values and client centred business ethos and so we are delighted to become part of the Mattioli Woods Group.

"Combining our strengths will allow Caledonia's clients and employees to benefit from the considerable additional resources and support available as part of the group, enabling our team to enhance and expand the bespoke personal service our clients expect from us. We are very much looking forward to this exciting new phase".

Today’s deal comes after Mattioli Woods announced last week (April 13) it had acquired advice firm Pole Arnold Financial Management for up to £7m.

The firm has been on the acquisition hunt for a while as back in February, Mattioli Woods acquired Twickenham-based wealth management firm Montagu, in a deal worth up to £2.34m.

At the end of 2019 it acquired Glasgow-based Turris Partnership for £1.6m, and 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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