Leicester-headquartered Mattioli Woods has acquired Twickenham-based wealth management advice and administration firm Montagu in a deal worth up to £2.34m ($3.19m, €2.66m).
Montagu was established in 1996 and has over 150 private and corporate clients with approximately £80m of assets under advice.
The team of four staff will remain with Mattioli Woods following completion.
The deal will see the wealth management firm pay £1.39m upfront, of which £1.09m in cash and the rest in shares, and there could be deferred payments of £950,000 over the next two years depending on revenue targets being met.
Expands operation
Ian Mattioli, chief executive of Mattioli Woods, said: “The transaction expands our existing operations in London and the south east.
“We believe the range of products and services that Mattioli Woods has to offer can support the excellent outcomes from which Montagu’s clients already benefit, whilst offering the potential to realise real revenue synergies by combining our operations.”
In March 2020, Mattioli Woods bought private client and asset management business Hurley Partners in a deal worth up to £25.6m.
