Mattioli buys Edinburgh wealth manager for £1.6m

Mattioli Woods, the wealth manager and SIPP provider, is on the acquisition trail again this week with a £1.6m deal to buy Edinburgh wealth manager and Financial Planner Caledonia Asset Management. Mattioli will pay £0.96m initially plus a potential further £0.64m depending on performance targets being reached over the next two years. It’s the second acquisition in a week for Mattioli Woods which last week acquired Leicester Financial Planning firm Pole Arnold Financial Management Limited in a deal worth up to £7m. Caledonia was set up in 2000 and advises affluent individuals and families. It offers lifestyle Financial Planning, pensions and retirement planning, ISAs, life assurance, critical illness, income protection and personal tax planning. Caledonia works with 150 private clients and has over £55m in assets under advice. It has a team of five staff, all of whom will remain with Mattioli Woods. In the year ended 31 December 2020 Caledonia saw revenues of £0.45m with a pre-tax profit of £0.18m. Gordon Forbes and Pauline Forbes, Caledonia's directors, said: "This is a very positive step for everyone associated with Caledonia, especially our clients and employees. Mattioli Woods shares our core values and client centred business ethos and so we are delighted to become part of the Mattioli Woods Group. "Combining our strengths will allow Caledonia's clients and employees to benefit from the considerable additional resources and support available as part of the group, enabling our team to enhance and expand the bespoke personal service our clients expect from us. We are very much looking forward to this exciting new phase". Ian Mattioli, chief executive of Mattioli Woods, said: "We are delighted to welcome Gordon, Pauline and their experienced team as part of Mattioli Woods. Caledonia is a great fit for us both culturally and operationally, serving a similar client base to that of our existing business. This is an important strategic step for the group, extending the geographic footprint of our wealth management business in Edinburgh."

Mattioli buys Edinburgh wealth manager for £1.6m

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