(Alliance News) - Mattioli Woods PLC on Friday said its subsidiary has bought Newable Ventures Ltd, a fund management company.
Mattioli Woods is a Leicester, England-based specialist wealth and asset management business.
Maven Capital Partners UK LLP, part of Mattioli Woods, said it has agreed to buy Newable Ventures. It will buy the company from Newable Capital Group Ltd, for an undisclosed amount.
Mattioli Woods said the acquisition will allow Maven to expand its activities into direct enterprise investment scheme investment. Newable is an EIS focused fund management company with GBP12 million of assets under management.
The company added that Maven will continue to strengthen Newable's senior management team and broaden its product range.
"This transaction represents a strategic milestone for Maven in providing emerging businesses with an additional way to access venture capital, and a new avenue for investors to invest tax-efficiently in smaller UK companies with high growth potential," said Mattioli Woods.
Shares in Mattioli Woods were up 0.8% to 620.00 pence each in London on Friday afternoon.
By Sophie Rose, Alliance News senior reporter
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Mattioli Woods (MTW)