Mattioli Woods has acquired a private equity firm and a major Financial Planning business in a £110m deal.

The wealth manager and SIPP firm will acquire private equity firm and alternative asset manager Maven Capital Partners UK LLP and the parent company of Southport-based Financial Planner and wealth manager Ludlow Wealth Management.

Mattioli will fund the deals through a stock market share offer, it announced today. The fund raising is aimed at raising £110m.

Ludlow was launched in 1993 and has itself acquired firms in recent years. It is one of the larger Financial Planning firms in the North West and operates from 5 locations, Fylde, Preston, Burnley, Liverpool and Southport. It has more than 60 staff and manages assets totalling over £1.6bn.

For the Ludlow deal, Mattioli will acquire Ludlow parent holding company LWMG Topco Limited. 

Mattioli says the deal with Ludlow will add advisory capacity via Ludlow’s team of 22 advisers.

Mattioli says it expects its investment proposition and product range will be boosted by Maven, a private equity investor and alternative asset manager with 53 in its investment team.  

Maven offers investments in VCTs, private equity and property. It is an owner-led business with 12 partners and a regionally based team of 90 investment executives and support professionals.  It has 10 offices around the UK in Scotland and England. Maven invested in Mattioli Woods when it originally floated on AIM.   

Ian Mattioli, chief executive of Mattioli Woods, said: "These acquisitions mark significant milestones in Mattioli Woods' journey.  Since our admission to AIM 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.  

“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. 

Bill Nixon, managing partner of Maven Capital Partners, said: “Both businesses have admired the progress achieved by the other over the past decade, and culturally this acquisition represents an excellent fit. It’s very much business as usual, but this exciting partnership will deliver enhanced opportunities and new product potential which will benefit both businesses and our respective clients.”

Ian Hemingway, chief executive of Ludlow Wealth Management, said: “This is a hugely positive deal for staff and clients of Ludlow Wealth Management alike. We have known the team at Mattioli Woods for many years, and respect them for sharing our commitment to deliver absolutely the best client service we can offer.”