Shareholders vote to take Mattioli Woods private in £432m deal
Shareholders at Mattioli Woods have voted overwhelmingly in favour of selling the business in a £432m deal to private equity firm Pollen Street Capital.
At a general meeting held on Thursday (April 25) the necessary resolutions were passed to progress a deal that will the see the Leicester-based firm’s investors receive 804p for each share they hold.
Pollen Street launched the takeover bid using a company called Tiger Bidco in a move that will see Mattioli Woods de-listed from the AIM market.
When revealing the deal in March, Ian Mattioli MBE, the CEO of Mattioli Woods, said: “Since our admission to AIM in 2005, we have seen significant expansion in both the size and nature of our business, integrating asset management, financial planning and employee benefit services to serve personal and corporate clients throughout the UK.
“We have a strong track record of combining like-minded businesses that share the same culture and ethos of putting clients first. The team at Pollen Street Capital share our passion for delivering exceptional client outcomes and have demonstrated their ability to partner with entrepreneurial financial services business.”
In a recent trading update, Mattioli Woods said that revenues had risen by 8% to £59.1m for the six months to November 30. This included a 4% rise in organic growth, with a “robust” new business pipeline.
Total client assets dropped slightly from £15.3bn to £15.2bn – a reduction brought about by £155m of downward market movements.
Mattioli Woods says the deal will complete in the second or third quarter of 2024.
