|
Mattioli Woods PLC on Thursday said it has acquired Doherty Pension & Investment Consultancy Ltd for a total consideration of £15.0 million. Doherty is a financial planning and wealth management business, based in Northern Ireland, with specialist pension expertise and a discretionary investment management offering. Mattioli’s £15.0 million consideration comprises of £6.8 million in cash and £2.0 million in Mattioli shares. It also includes a deferred consideration of £1.5 million and a contingent consideration of £4.8 million two years following the completion, dependent on Doherty meeting and outperforming forecast earnings. A contingent employee remuneration of up to £230,000 is also payable, dependent on unspecified performance conditions in the two years following completion. The Leicester-based wealth and asset management company explained that the total consideration said the acquisition is a ‘high quality opportunity’ that extends and scales its existing operations in Northern Ireland. The acquisition is expected to be earnings enhancing in the first full-year of ownership, Mattioli said. In 2021, Doherty generated revenue of £2.9 million, with a pretax profit on ordinary activities of £1.5 million. At December 31, 2021, Doherty’s gross assets were £8.0 million and its net assets were £7.5 million. ‘t was clear from our initial discussions that Doherty’s is a great fit culturally and strategically, including a focus on long-term client relationships, serving a similar client base to our existing business. This acquisition is an important step forward for Mattioli Woods, strengthening our position as the only SSAS and SIPP operator based in Northern Ireland,’ said Michael Wright, group managing director. Shares in Mattioli Woods were down 3.6% at 583.31 pence on Thursday afternoon in London. Copyright 2023 Alliance News Ltd. All Rights Reserved.
|
