Mattioli Woods-owned wealth manager Ludlow has acquired Glasgow-based wealth firm Ferguson Financial Management in a deal worth up to £1.2m, adding £80mn of assets.
This is Ludlow’s first purchase since coming under the Mattioli Woods umbrella in May last year, as part of Mattioli’s £110m double acquisition of Ludlow and Maven Capital Partners.
Southport-based Ludlow will pay 50% upfront, (£600,000) with the potential to pay a further £600,000, dependent on Ferguson hitting performance targets in the year after the deal is completed. The deal has been structured as a trade and asset deal.
Founded in 2000, Ferguson is managed by directors Murray Ferguson and Andrew Mccormick.
As part of the deal, which is also Mattioli Woods Group’s first purchase this year, a Ferguson financial adviser will join Mattioli Woods Group’s Glasgow office.
Ian Hemingway, chief executive at Ludlow , said the firm would ‘continue to explore other opportunities within the market’ following the acquisition.
Gunner & Co. work closely with Ian Hemmingway and the acquisition teams across Ludlow and Mattioli Woods. If you would like to know more about selling to them, contact louise.jeffreys@gunnerandco.com