SIPP supplier and wealth supervisor Mattioli Woods has acquired Northern Eire Monetary Planner Doherty Pension & Funding Consultancy for £15.048m.
Doherty’s is certainly one of Northern Eire’s largest Monetary Planners and wealth managers with 1,320 non-public purchasers and £635m in Belongings Underneath Administration.
The agency has a serious presence in Belfast and employs 28 employees. The administration crew shall be retained by Mattioli Woods following the deal.
Doherty’s specialises in pension recommendation and discretionary funding administration.
Based on Mattioli, the deal shall be paid in two elements: an upfront sum of £6.78m in money and £2m in new unusual shares in Mattioli Woods (equating to 325,998 shares) plus deferred consideration of £1.5m and contingent consideration of as much as £4.768m payable in money within the two years following completion. This contingent fee will rely upon Doherty’s assembly and outperforming forecast earnings.
As well as, there shall be contingent worker remuneration of as much as £230,000 payable topic to the assembly of efficiency circumstances within the two years following completion.
Mattioli says the deal extends its current operations in Northern Eire and can add funding experience to the group’s current discretionary administration proposition. The deal will add six skilled advisers to Mattioli’s consultancy crew.
The acquisition is predicted to be earnings enhancing within the first full 12 months of possession.
Doherty’s was based in 1985 and has a long-established Monetary Planning and wealth administration enterprise. It affords all kinds of recommendation, together with specialist pension recommendation on SSASs.
Mattioli says the deal is in keeping with the group’s technique to safe “prime quality” acquisition alternatives alongside a seamless concentrate on natural development.
Mattioli sees potential income synergies by providing Doherty’s purchasers entry to Mattioli Woods’ bespoke funding merchandise (together with discretionary portfolio administration), specialist SIPP pension administration, versatile worker advantages platform and different funding methods.
Mattioli can even migrate the SSAS portfolio to Mattioli Woods’ proprietary pension administration platform, a transfer it says affords potential operational efficiencies.
Within the 12 months ended 31 December 2021, Doherty’s generated revenues of £2.92m with a revenue on unusual actions earlier than taxation of £1.45m. At 31 December 2021 Doherty’s gross property had been £7.98m and web property had been £7.46m, together with £5.16m of money and £2.24m of listed investments.
Terry Lappin, managing director of Doherty’s, mentioned: “We’re delighted to be becoming a member of the Mattioli Woods Group because the synergy between our firms was apparent from our very first dialogue. This could solely enhance our consumer providing and we’re wanting ahead with enthusiasm to what might be achieved”.
Michael Wright, group managing director of Mattioli Woods, mentioned: “It is rather uncommon that such an awesome alternative to convey one of many largest Monetary Planning companies in Northern Eire into the Mattioli Woods Group presents itself. In over 30 years of operations, Doherty’s has constructed a stable and revered fame, with integrity and professionalism on the coronary heart of its consumer service.
“It was clear from our preliminary discussions that Doherty’s is a good match culturally and strategically, together with a concentrate on long-term consumer relationships, serving an analogous consumer base to our current enterprise. This acquisition is a vital step ahead for Mattioli Woods, strengthening our place as the one SSAS and SIPP operator primarily based in Northern Eire.
“We’re delighted to welcome Terry, Alan, John and their crew into the group. There are various complementary components between our companies enhancing our specialist pension, discretionary portfolio administration and Monetary Planning propositions. We imagine the vary of services that Mattioli Woods has to supply can assist the superb outcomes from which Doherty’s purchasers already profit.”