Mattioli Woods to buy Atkinson Bolton for £6m

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Mattioli Woods is acquiring Atkinson Bolton Consulting in a deal worth up to £6m.

The specialist pensions consultancy and wealth management business has agreed to buy holding company Thoroughbred Wealth Management and Atkinson Bolton Consulting from shareholders.

Mattioli Woods will pay an initial consideration of £3.24m, comprising £0.375m in cash and 946,256 new shares worth 1p each in Mattioli Woods.

The deal includes a contingent deferred consideration of up to £2.75m payable in cash over four years subject to earnings targets being met.

Atkinson Bolton’s management team will be retained after the acquisition.

The initial cash consideration is being funded from Mattioli Woods’ existing resources, which net of deal costs and including estimated cash acquired in Atkinson Bolton results in an estimated cash inflow at completion of £880,000.

Based in Newmarket, Atkinson Bolton employs 50 staff providing advice to high-net-worth individuals and companies. ABC also offers a discretionary management service and operates an open ended investment company, The IM Thoroughbred Funds ICVC.

ABC has total funds under management and advice of circa £420m.

Mattioli Woods chief executive Ian Mattioli says: “The acquisition of Atkinson Bolton is an excellent cultural and strategic fit, offering real synergies with the wider Mattioli Woods group. This is another exciting step forward in our development as a broader wealth management business and offers us the ability to provide additional value-added services to clients of both firms.”

Atkinson Bolton managing director James Bolton says: “We are proud of the business we have built over the last 12 years and excited about joining the Mattioli Woods group.

“We look forward to continuing to develop Atkinson Bolton as an integral part of the group for the benefit of clients, employees and shareholders. With the added benefits of scale, more locations and breadth of service, we can enhance delivery across each of our corporate employee benefit, wealth management and investment propositions.”