Mattioli Woods has conditionally raised a further £2m as it pushes ahead with its “largest acquisitions to date”.
At the end of last month (May 26), the wealth manager announced plans to buy private equity firm Maven Capital Partners and financial planning business Ludlow Wealth Management in deals worth more than £143m.
In order to do this, the firm said it would look to raise £110m through a share issue, consisting of an additional broker option.
In an announcement this morning (June 3), the wealth manager said this broker option had been exercised.
In total it has now raised £112m comprising the firm placing raising £18.5m, the conditional placing raising £90.8m, the primary bid offer raising £0.7m and the broker option raising £2m.
It said 303,030 of these broker option shares will be issued at a price of 660 pence per new ordinary share and on the same terms as conditional placing shares used as part of its fundraising.
There are also 13,757,512 conditional placing shares and 108,355 primary bid offer shares to be admitted to trading.
It is expected that dealings in these shares will commence on or around June 17.
When the acquisitions were announced, Ian Mattioli, chief executive of Mattioli Woods, said they represented “meaningful progress” towards the firm's medium-term goals and that it had a “strong track record of combining like-minded businesses that share the same culture and ethos of putting clients first”.
The firm has been on the acquisition trail for a while and bought Caledonia Asset Management in April, in a deal worth up to £1.6m.
This came only a week after it snapped up advice firm Pole Arnold Financial Management for up to £7m.
Back in February Mattioli Woods bought 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.
amy.austin@ft.com
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