Scottish private equity investor Maven Capital acquired in £100 million 'milestone' swoop
Mattioli Woods, the specialist wealth and asset management business, is to acquire Scottish private equity investor and asset manager Maven Capital Partners for up to £100 million as part of a double “milestone” swoop.
Maven which was formed in 2009 after a buyout of the Aberdeen Asset Management private equity business, has committed assets under management of £772m and has been active in a string of private equity investments across the UK. It has offices in Edinburgh and Glasgow, as well as several south of the Border.
Mattioli Woods said it was paying an initial £80m to acquire the business with a deferred payment of £20m. It described Maven as a “complementary extension of the group’s investment proposition”.
The firm is also acquiring Ludlow Wealth Management, a financial planning business in the north west of England, for up to £43.5m.
Ian Mattioli, chief executive of Mattioli Woods, which has its roots in Leicester and Scottish operations in Aberdeen, Edinburgh and Glasgow, said: “These acquisitions mark significant milestones in Mattioli Woods’ journey.
“Since our admission to Aim [Alternative Investment Market] 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.”
Owner-led Maven comprises 12 partners, with a regionally based team of 91 investment executives and support professionals. The firm operates across ten offices, which as well as Edinburgh and Glasgow, comprise Manchester, Birmingham, London, Newcastle, Bristol, Nottingham, Durham and Reading.
Mattioli, which is also raising £110m, said there was an opportunity to “consolidate offices in a number of locations without any intended changes to underlying personnel”.
The deal follows a wave of consolidation in the wealth and fund management sectors.
Earlier this month, Saracen, the Edinburgh-based fund management business, was acquired by an investment vehicle chaired by Scottish financial services veteran Martin Gilbert in a seven-figure deal. AssetCo is paying a total of £2.75m in cash and shares for the capital firm, which was founded in the late 1990s.
Last month, Mattioli Woods announced that it was buying Caledonia Asset Management, an Edinburgh-based wealth management business founded 21 years ago, in another seven-figure deal.
The takeover of Caledonia followed the acquisitions of Adam & Co, from Royal Bank of Scotland, and Cornerstone Asset Management, which was bought by Waverton Investment Management Group.
Providing an update on recent trading, Mattioli Woods highlighted a positive investment performance and increased client activity in the second half.