Mattioli Woods announced the takeover of Ludlow holding company LWMG Topco Limited in May.
The deal was due to complete in August but last week Mattioli Woods said that the deal was taking longer than expected.
The FCA had already approved the deal, one of the biggest acquisitions made by Mattioli Woods which has been on a takeover spree in recent years.
As part of the deal Mattioli Woods has allotted 780,250 new ordinary shares in Mattioli Woods to the sellers of Ludlow shares.
Sellers of Ludlow Wealth Management shares have entered into 12 month lock-in agreements. Following the initial 12-month lock-in period, individuals may only dispose of up to 25% of Ludlow Wealth Management Consideration Shares in each of the two years following the first anniversary of share trading.
The Stock Exchange announcement by Mattioli Woods today means that the delays to the deal have been reduced. The delayed takeover was not due to complete until 30 September but will now go through this week.
No specific reason was given for the delay but Mattioli Woods said extra time was needed to “facilitate completion of the acquisition.”
Back in May Mattioli Woods, headed by founder Ian Mattioli, announced it would acquire two firms in a £110m deal: private equity firm and alternative asset manager Maven Capital Partners UK LLP and the parent company of Southport-based Financial Planner and wealth manager Ludlow Wealth Management.
Ludlow was launched in 1993 and has itself acquired several firms in recent years. It is one of the largest Financial Planning firms in the North West and operates from 5 locations, Fylde, Preston, Burnley, Liverpool and Southport. It has more than 60 staff and manages assets totalling over £1.6bn. Mattioli says the takeover of Ludlow will add advisory capacity via Ludlow’s team of 22 advisers.
Mattioli Woods CEO Ian Mattioli said: "We are delighted to have completed the acquisition of Ludlow Wealth Management. The Ludlow team shares our passion for delivering exceptional client outcomes and this transaction adds to our distribution capacity, particularly in the North-West.
"Completion of this acquisition, together with the recently completed acquisitions of Maven Capital Partners and Richings Financial Management, represents meaningful steps toward our ambitious medium-term goals, extending the group's existing investment proposition and adding scale, distribution and product to our client proposition.”
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