The £432m non-public fairness acquisition of SIPPs and Monetary Planning agency Mattioli Woods has moved just a little nearer this week after receiving approval from the FCA.
Non-public fairness agency Pollen Avenue Capital has arrange an acquisition car, Tiger Bidco, to accumulate Mattioli Woods for £432m in money.
Beneath the deal, Pollen’s Tiger Bidco can pay 804p in money for Mattioli Woods shares, a 34% premium to the Mattioli share worth on 7 March.
In a inventory market replace Mattioli Woods stated all situations referring to the receipt of FCA regulatory approval have now been glad.
Ian Mattioli chief government of Mattioli Woods, stated: “We’re delighted to have obtained regulatory approval from the FCA, marking a major milestone within the course of, and we sit up for finalising the transaction within the coming weeks.
“As soon as accomplished, we are going to work carefully with the Pollen Avenue Capital group to speed up the supply of our mixed technique and progress plan, whereas persevering with to ship the perfect service to all our stakeholders together with our valued purchasers, workers and suppliers.”
Lindsey McMurray, managing accomplice of Pollen Avenue stated: “We’re happy to have reached this essential milestone in our acquisition of Mattioli Woods, following the current shareholder approval of the transaction.
“We’re trying ahead to the subsequent section for the enterprise underneath non-public possession, to speed up its progress technique and to capitalise available on the market alternative in UK wealth administration.”
On 25 April 2024, the scheme was authorized by the requisite majorities of scheme shareholders and Mattioli Woods shareholders at a basic assembly.
Mattioli Woods has acquired a number of corporations in recent times itself, together with a lot of Monetary Planning corporations. Pollen Avenue Capital has additionally made a lot of acquisitions within the monetary providers sector and owns increasing wealth supervisor and Monetary Planner Kingswood.
In February, Mattioli Woods reported pre-tax earnings up 60% to £7.6m within the six months ended 30 November 2023 with income over the identical interval up 8% to £59.1m.
