Mattioli Woods has received 95% shareholder approval to be acquired by Pollen Street Capital, following a court meeting and general meeting held today (25 April).
The deal, which is subject to regulatory approval, values AIM-listed Mattioli Woods at £432m – a 34% premium relative to its closing share price of 600p per share as at 7 March 2024. The acquisition, which was first proposed on 8 March this year, would see the firm transition to private ownership.
Wealth management firm Mattioli Woods currently has 11,000 clients and £15.3bn of assets under management, administration and advice. It has been listed on the AIM since 2005.
Pollen Street Capital is an alternative investment management company, which also holds wealth management firm Kingswood as part of a 21-strong company portfolio.
With Mattioli Woods having submitted its change in control application to the FCA, the acquisition is expected to be completed “in the second or third quarter of calendar year 2024”.
Ian Mattioli MBE, the CEO of Mattioli Woods, said: “We are really pleased that our shareholders have overwhelmingly voted in favour of our acquisition by Pollen Street Capital. This is the next step in the evolution of the business and while the transaction is still subject to regulatory approval, receiving shareholder approval is an important milestone in this process.
“We are excited for the future and to work with Pollen Street Capital who share our passion for delivering exceptional client outcomes and together we will accelerate the delivery of our strategy and provide our clients with the proactive advice and bespoke investment solutions they require.”
