Mattioli Woods raises millions to fund acquisitions

Mattioli Woods has raised £112m in order to fund its current acquisitions drive via a share issue. This is a further £2m on top of its target of £110m.

In total, the £112m is consists of £90.8m from the conditional placing, £18.5m from the firm placing, £0.7m from the primary bid offer raising, and the further £2m from the broker option raising. 

The broker option will see 303,030 shares being issued at 660 pence per ordinary share. Meanwhile, over 13 million conditional placing shares and 100 thousand primary bid offer shares will be admitted to trading. 

Mattioli Woods’ “largest acquisitions to date”, announced at the end of May, saw the purchase of Maven Capital Partners and Ludlow Wealth Management. The deals are worth over £143m. 

Speaking back in May, Ian Mattioli commented on the transactions:

“These acquisitions mark significant milestones in Mattioli Woods’ journey.  Since our admission to AIM in 2005 we have seen significant expansion in the size and nature of our business. For instance, responsibly integrating asset management, financial planning and employee benefit services to serve personal and corporate clients.

“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 culture and ethos of putting clients first.  The teams at Maven and Ludlow Wealth Management share our passion for delivering exceptional client outcomes.  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. This will further enhance our client proposition and deliver sustainable shareholder returns.”

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