Another day, another London-listed company is snapped up and taken private. This time, wealth firm Mattioli Woods has received interest from investment management company Pollen Street Capital.
Mattioli Woods plc, a UK wealth manager and employee benefits provider, has agreed to be acquired by Pollen Street Capital Limited, in an all-cash transaction valuing the company at approximately £432 million.
Mattioli Woods is the latest UK company to be taken private after a string of deals, including Nationwide’s move to acquire Virgin Money and Wincanton’s takeover by a competitor.
Pollen Street said they believe the company will benefit from private ownership and is attracted to Mattioli Woods’ “vertically integrated, holistic model with its high-quality brand and client base’. An attractive valuation would have also played a part.
There has been a wave of consolidation in the wealth management markets in recent years, and a well-run business such as Mattioli Woods has provided too good an opportunity for Pollen Street Capital to let it pass them by.
Mattioli Woods shares were 32% higher at the time of writing.
“The Mattioli Woods Board is pleased to announce its unanimous recommendation of this cash offer for Mattioli Woods, which not only delivers attractive value to Mattioli Woods shareholders in cash, allowing them to crystallise the value of their holdings, but also provides significant opportunity for clients, employees and wider stakeholders,” said Anne Gunther, Non-Executive Chair of Mattioli Woods.
“Mattioli Woods is recognised as a leading advice-led wealth manager and enjoys both direct distribution through its consultancy team and intermediated distribution through certain third parties.”
