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Mattioli Woods completes acquisition of Glasgow-based wealth management firm

U.K.-based wealth management company Mattioli Woods PLC completed the purchase of a 100% stake in the issued share capital of Glasgow-based The Turris Partnership Ltd. from its shareholders for a total consideration of up to £1.6 million.

The total purchase price comprises an initial cash consideration of £800,000, subject to adjustment for the value of net assets acquired, and deferred consideration of up to £800,000 payable in cash on the first and second anniversaries of the completion of the deal, subject to certain financial targets being met based on recurring revenue.

The payment of the initial cash consideration, deal costs and estimated net asset adjustment resulted in a cash outflow of £850,000 at completion.

The Turris Partnership provides chartered financial planning and wealth management advice and has over £65 million of assets under advice. The firm posted revenues of £450,000 and pretax profit of £150,000 for the year ended Sept. 30.