UK wealth manager Mattioli Woods is to acquire lower-mid cap private equity house Maven Capital Partners.
The deal will allow Maven to leverage the Mattioli Woods partnership to access further capital to help boost growth and will also enhance Maven’s services and capability through access to Mattioli Woods’ advisor and client base as well as expertise in a broader range of products.
Separately Mattioli Woods is also acquiring Ludlow Wealth Management, one of the largest independent providers of investment, financial planning and pension advice in the North West of England.
There is a long-standing relationship between Maven senior management and Mattioli Woods, and Maven supported Mattioli Woods’ original IPO. On completion, Maven Managing Partner Bill Nixon will be appointed as CEO of the Maven business, and will remain solely focused on further growing the business, which already has GBP672 million of AUM or funds available to invest (at 31 December 2020).
There is a clear rationale for the deal. Acquiring Maven enhances Mattioli Woods’ investment proposition and product range, while becoming part of an enlarged Mattioli Woods group increases the direct and intermediate distribution channels for Maven’s VCT, private equity and property transactions.
Maven remains one of the UK’s most active private equity houses and property investors and, despite the pandemic, has continued to complete investment deals across a wide range of sectors as well as delivering a number of successful exits for investors. Maven has also just concluded another successful fundraising season for two of its VCTs, raising the full GBP40 million.
Maven will retain its brand and highly experienced team, with Glasgow remaining as Maven’s primary base and no change in Maven’s UK office network.
Bill Nixon, Managing Partner of Maven Capital Partners, says: “Today marks an important step in the continued evolution and growth of the Maven business. Since inception in 2009, Maven has consistently grown its AUM, developing a portfolio of SME products for a wide range of valued private and public sector clients. Our people have been critical to that success, and finding the right partner who understands our business and can help our team deliver the next stage of growth has therefore been a key objective for myself and the other Maven partners.
“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 Mattioli MBE, Chief Executive Officer of Mattioli Woods, says: “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. 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.
“These transactions represent a complementary extension of the Group’s existing investment proposition and add to our distribution capacity, allowing us to continue developing our product offering, accelerate organic growth and realise both revenue and cost synergies. I believe we are better-positioned than ever to provide our clients with the proactive advice and bespoke investment solutions they require.”
