Sunday, July 3, 2022

Mattioli Woods acquires Scottish counterpart

Mattioli Woods, the Leicester-based wealth and asset management business, has acquired Caledonia Asset Management Limited from its shareholders for an initial consideration of £0.96m and potential further consideration of up to £0.64m dependent on the achievement of specified performance targets in the two years after completion.

Working with circa 150 private clients with over £55m of assets under advice, Caledonia was founded in 2000, is based in Edinburgh, and employs a team of five staff, all of whom will remain with Mattioli Woods following completion.

In the year ended 31 December 2020, Caledonia generated revenues of £0.45m with a profit before taxation of £0.18m. At 31 December 2020, Caledonia’s gross assets were £0.27m and net assets were £0.19m. The acquisition is expected to be earnings enhancing in the first full year of ownership.

Ian Mattioli, Chief Executive Officer of Mattioli Woods, said: “We are delighted to welcome Gordon, Pauline and their experienced team as part of Mattioli Woods. Caledonia is a great fit for us both culturally and operationally, serving a similar client base to that of our existing business. This is an important strategic step for the Group, extending the geographic footprint of our wealth management business in Edinburgh.”

Gordon Forbes and Pauline Forbes, Caledonia’s Directors, added: “This is a very positive step for everyone associated with Caledonia, especially our clients and employees. Mattioli Woods shares our core values and client centred business ethos and so we are delighted to become part of the Mattioli Woods Group.

“Combining our strengths will allow Caledonia’s clients and employees to benefit from the considerable additional resources and support available as part of the Group, enabling our team to enhance and expand the bespoke personal service our clients expect from us. We are very much looking forward to this exciting new phase.”

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