Mattioli Woods has completed the acquisition of private equity firm Maven Capital Partners in a deal worth up to £100 million.
Maven’s North sea oil and gas-focused investment portfolio includes EFC Group, FIS Chemicals, Glacier Energy Services, MSIS Group, R&M Engineering and Whiterock Group.
It currently has only a single consultant working in Aberdeen, managing interests in all the north-east companies.
A statement on the London Stock Exchange today (July 1) announced completion of the deal.
Management is expecting profit growth for Maven in each of the two years ending March 21 2021 and 2022.
Roots in the Granite City
The private equity firm – now with 10 offices throughout the UK – was launched in 2009 after a buyout of Aberdeen Asset Management (AAM)’s private equity business.
Co-founders included Jock Gardiner, a well-known face in north-east business circles, who started his career as an accountant with KPMG before joining AAM’s private equity team.
Maven now has more than £660m of assets under management and available to invest.
Managing partner Bill Nixon has previously insisted it will be business as usual for all of the portfolio firms if Mattioli Woods’ acquisition got the go-ahead.
Mattioli Woods chief executive Ian Mattioli said: “We are delighted to complete the acquisition of Maven which marks a significant milestone in Mattioli Woods’ journey.
“The acquisition of Maven enhances our investment proposition and product range and adds opportunities to widen distribution of the enlarged group’s products and services.
The acquisition of Maven enhances our investment proposition and product range and adds opportunities to widen distribution of the enlarged group’s products and services.”
“The team at Maven share our passion for delivering exceptional client outcomes and going the extra mile, and we look forward to welcoming them into the Mattioli Woods group.”
Mattioli Woods employs 600 people across 11 offices around the UK, including in Aberdeen, Edinburgh and Glasgow. It boasts assets under advice and administration in excess of more than £10 billion.
Leicester-based Mattioli Woods is also acquiring Ludlow Wealth Management, a financial planning business in north-west England, in a deal worth up to £43.5m. Ludlow boasts total assets under advice of £1.6bn.