UK wealth manager Mattioli Woods has acquired Northern Ireland-based pension advice firm SSAS Solutions (UK) for around £4m ($5.2m, €4.7m).
SSAS Solutions provides a pension advisory service for the operation of small self-administered pension schemes (SSAS) and technical advice to owner-managed businesses throughout the UK.
Based in Belfast, the firm has around £380m in assets under administration and employs 12 staff.
SSAS Solutions’ management team will be retained by Mattioli Woods following the acquisition.
Moving into new territory
Chief executive Ian Mattioli said: “This acquisition is an important step forward for Mattioli Woods, as we continue to expand our operations.
“SSAS Solutions is a great fit culturally and strategically, serving a similar client base to our existing business.
“The transaction gives us an exciting new distribution channel for Mattioli Woods’ services, with the opportunity to enhance the existing client offering to include self-invested personal pensions (Sipps).
“I believe extending our geographic footprint strengthens our position, making the group the only SSAS and Sipp operator based in Northern Ireland.
Finances of the deal
There will be an initial consideration of £2.51m, which comprises of £1.25m in cash, plus 162,654 new ordinary shares of 1 pence each in Mattioli Woods with a value of £1.26m.
There is also a deferred consideration of up to £1.5m payable in cash on the first and second anniversaries of completion, subject to financial targets set by Mattioli Woods.