The total consideration is to be paid through a combination of cash and the issue 946,256 ordinary new shares of 1p each in Mattioli Woods.
Part of the cash payment is due on completion, funded by the firm’s cash resources, and the remainder over the four years following completion, subject to earnings targets being met.
Thoroughbread Wealth Management is the holding company of Atkinson Bolton Consulting, which is a Newmarket-based employee benefits and wealth management business with a staff of 50. The firm services high net worth and company clients.
The firm also has a discretionary fund management service and operates its own Oiec, the IM Thoroughbread Funds ICVC. It has a combined AUM and AUA of £420m.
Simon Gibson, a director at Atkinson Bolton Consulting said: “As far as we are concerned it is business as usual here, the entire team remain in place at the Newmarket office.
“There may well be some changes to the way we operate as we work with Mattioli Woods to establish who is good at what, and who wants to do what and vice versa, but we will continue to work as a team here, doing what we do best.
“We are looking forward to working with our new colleagues and expect we will be learning from each other, and helping each other out, this is a really good move for us as a firm.”
Q2 2013 saw a drop in M&A activity across the industry, both in terms of dea value and deal volume, find out more here.
