Mattioli Woods, the specialist wealth and asset management business, has received shareholder approval for its acquisition by Pollen Street Capital at a Court Meeting and General Meeting.
The acquisition of Mattioli Woods by Pollen Street Capital was approved by over 95% of shareholders who voted.
The offer values Mattioli Woods at approximately £432 million.
Completion remains subject to regulatory approval and the next stage is for the FCA to approve the Change in Control application that has been submitted. The transaction is currently expected to complete in the second or third quarter of 2024.
Listed on the AIM exchange since 2005, Mattioli Woods is a provider of wealth management and employee benefits. They look after more than 11,000 clients and have £15.3 billion of assets under management, administration and advice.
Following the completion of the deal, Mattioli Woods will be delisted from AIM.
Ian Mattioli MBE, CEO of Mattioli Woods, said: “We are really pleased that our shareholders have overwhelmingly voted in favour of our acquisition by Pollen Street Capital. This is the next step in the evolution of the business and while the transaction is still subject to regulatory approval, receiving shareholder approval is an important milestone in this process.
“We are excited for the future and to work with Pollen Street Capital who share our passion for delivering exceptional client outcomes and together we will accelerate the delivery of our strategy and provide our clients with the proactive advice and bespoke investment solutions they require.”
Michael Wright, Deputy Chief Executive Officer at Mattioli Woods, said: “We are very grateful to our shareholders, over 95% of those that voted approved the acquisition by Pollen Street Capital.
“This is a significant step forward in the Mattioli Woods journey and shows the strong financial and strategic rationale underpinning this deal and that is what is so exciting for all of us. We will continue to invest in our staff, our business, and our client propositions and look forward to doing this with the support of our partner, Pollen Street Capital.”
