£432m takeover of Mattioli Woods gets FCA approval

The £432m private equity acquisition of SIPPs and Financial Planning firm Mattioli Woods has moved a little closer this week after receiving approval from the FCA. Private equity firm Pollen Street Capital has set up an acquisition vehicle, Tiger Bidco, to acquire Mattioli Woods for £432m in cash. Under the deal, Pollen's Tiger Bidco will pay 804p in cash for Mattioli Woods shares, a 34% premium to the Mattioli share price on 7 March. In a stock market update Mattioli Woods said all conditions relating to the receipt of FCA regulatory approval have now been satisfied. Ian Mattioli chief executive of Mattioli Woods, said: "We are delighted to have received regulatory approval from the FCA, marking a significant milestone in the process, and we look forward to finalising the transaction in the coming weeks. “Once completed, we will work closely with the Pollen Street Capital team to accelerate the delivery of our combined strategy and growth plan, while continuing to deliver the best service to all our stakeholders including our valued clients, staff and suppliers." Lindsey McMurray, managing partner of Pollen Street said: "We are pleased to have reached this important milestone in our acquisition of Mattioli Woods, following the recent shareholder approval of the transaction. “We are looking forward to the next phase for the business under private ownership, to accelerate its growth strategy and to capitalise on the market opportunity in UK wealth management.” In March the firms reported that 95.65% of shareholders had voted in favour of the takeover with only 4.35% voting against. On 25 April 2024, the scheme was approved by the requisite majorities of scheme shareholders and Mattioli Woods shareholders at a general meeting. Mattioli Woods has acquired several firms in recent years itself, including a number of Financial Planning firms. Pollen Street Capital has also made a number of acquisitions in the financial services sector and owns expanding wealth manager and Financial Planner Kingswood. In February, Mattioli Woods reported pre-tax profits up 60% to £7.6m in the six months ended 30 November 2023 with revenue over the same period up 8% to £59.1m.

£432m takeover of Mattioli Woods gets FCA approval

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