Mattioli Woods PLC Acquisition (9530C)
23 4월 2013 - 3:00PM
UK Regulatory
TIDMMTW TIDMARP
RNS Number : 9530C
Mattioli Woods PLC
23 April 2013
23 April 2013
Mattioli Woods plc
("Mattioli Woods" or "the Group")
Acquisition of pension administration business of Ashcourt Rowan
plc
Mattioli Woods plc (AIM: MTW.L), the specialist pensions
consultancy and wealth management business, is pleased to announce
its subsidiary City Pensions Limited has acquired the pension
administration business of Ashcourt Rowan plc ("Ashcourt Rowan")
for a total cash consideration of up to GBP1.325 million,
comprising an initial consideration of GBP700,000 (subject to
adjustment for the value of working capital acquired) plus deferred
consideration of up to GBP625,000 (subject to certain revenue and
client retention targets being met during the five years following
completion). The acquisition is being funded from the Group's
existing cash resources and results in an initial cash outflow of
GBP750,000, including deal costs.
The acquisition comprises the trade and certain assets of
Ashcourt Rowan Administration Limited ("ARAL"), 100% of the share
capital of Ashcourt Rowan Pension Trustees Limited and 100% of the
share capital of Robinson Gear (Management Services) Limited
(together "the Pension Business") from Ashcourt Rowan Holdings
Limited, a wholly-owned subsidiary of Ashcourt Rowan.
Acquired by Ashcourt Rowan in 2006, the Pension Business
provides trustee and administration services to over 600
self-invested personal pension ("SIPP") schemes and 150 small
self-administered pension ("SSAS") schemes, with total funds under
trusteeship of over GBP300 million.
In the year ended 31 March 2012, ARAL generated a profit after
taxation of GBP134,535 on revenues of GBP674,285. The estimated
liabilities being acquired are GBP115,168. The acquisition is
expected to be earnings enhancing in the first full year of
ownership, following the realisation of synergies and other
benefits from combining the assets and activities of the Pension
Business with those of Mattioli Woods.
Commenting on the acquisition, Ian Mattioli, Chief Executive of
Mattioli Woods, said:
"Ashcourt Rowan has an excellent reputation for building
first-rate client relationships. As financial markets change, there
is real synergy in organisations like Ashcourt Rowan and Mattioli
Woods entering into strategic partnerships to deliver better
service and long term security for clients. We look forward to
developing a strong relationship with Ashcourt Rowan and its
advisers.
"With increasing complexity and continuing consolidation in the
SIPP sector, we anticipate there will be further opportunities to
expand Mattioli Woods' operations, both organically and by
acquisition."
Jonathan Polin, Group Chief Executive of Ashcourt Rowan,
commented:
"As Ashcourt Rowan continues to make significant strides across
its business units it is important as a management team we focus on
our core. The administration of SIPP and SSAS schemes is not core
to our business. We have found a strategic partner with the
expertise, scale and systems to give the very best service to our
clients. Mattioli Woods is an organisation that is aligned with our
values and has the same view of the broader wealth management
market as we do. I look forward to working with the team over the
coming years."
- Ends -
For further information please contact:
Mattioli Woods plc
Bob Woods, Executive Chairman Tel: +44 (0) 116 240 8700
bob.woods@mattioli-woods.com www.mattioli-woods.com
Ian Mattioli, Chief Executive
ian.mattioli@mattioli-woods.com
Nathan Imlach, Finance Director
nathan.imlach@mattioli-woods.com
Canaccord Genuity Limited
Martin Green/Bruce Garrow, Corporate Tel: +44 (0) 20 7523 8350
Finance
www.canaccordgenuity.com
Media enquiries:
FTI Consulting
Jack Hickey Tel: +44 (0) 20 7269 7196
jack.hickey@fticonsulting.com www.fticonsulting.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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