Private equity firm Pollen Street Capital has agreed to buy Mattioli Woods as part of a £432mn deal which would take the listed company private.
Mattioli Woods has a client base of more than 20,000 wealth clients with more than £15bn of assets under management.
According to Pollen Street, transitioning to private ownership would allow Mattioli Woods to accelerate its growth strategy and to capitalise on the market opportunity in UK wealth management
Mattioli Woods was launched in 1991 by Ian Mattioli, who remains the company’s chief executive, and Bob Woods, who was chairman until he stepped down from the board in 2016.
The company floated on the Aim in 2005 and now employs 900 people including 138 advisers.
The acquisition will be implemented “by way of a scheme of arrangement” which will be effective by the second or third quarter of this year, the firm reported.