(Alliance News) - Mattioli Woods PLC on Monday said its subsidiary Ludlow Wealth Management Group Ltd acquired Opus Wealth Management Ltd for an initial consideration of GBP710,000 and a potential GBP710,000 dependent on the attainment of specified performance targets in the year after completion.
Leicester, England-based Mattioli Woods is a specialist wealth and asset management business that aims to grow both organically and by buying and integrating similar businesses.
Opus is based in Blackpool and provides financial planning and wealth management services to circa 100 private client families with approximately GBP53 million of assets under advice.
"We're delighted to welcome Opus Wealth Management to the Mattioli Woods, as part of the Ludlow business. We've highlighted we have a strong pipeline of bolt-on acquisition opportunities that can help us accelerate and complement our organic growth. This transaction marks another step towards our strategic goals," said Deputy Chief Executive Officer Michael Wright.
Ludlow Chief Executive Officer Ian Hemingway commented: "Opus is a business we know well. I expect our familiarity with the Opus team and our shared approach to looking after clients to facilitate a smooth integration over the next few months. This acquisition further strengthens our operations in the North West as we look to build upon our existing presence in the area."
Shares in Mattioli Woods closed down 0.7% to 616.00 pence each in London on Monday.
By Greg Rosenvinge, Alliance News reporter
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Mattioli Woods (MTW)