Specialist wealth and asset management firm, Mattioli Woods, has confirmed that its subsidiary, Ludlow Wealth Management Group, has acquired Opus Wealth Management.
The deal is for 100% of the share capital in Opus, at an initial consideration of £710,000. There is a potential further consideration of up to £710,000, dependent on the attainment of specified performance targets in the first year after completion.
Opus is based in Blackpool and provides financial planning and wealth management services to an estimated 100 private client families, with approximately £53m of assets under advice.
In the year ended 30 April 2023, Opus generated revenues of £370,000 with a profit before taxation of £140,000. As of 30 April 2023, the group had net assets of £100,000.
Deputy CEO of Mattioli Woods, Michael Wright, said: “We’re delighted to welcome Opus to the Mattioli Woods Group, as part of the Ludlow business. We’ve highlighted we have a strong pipeline of bolt-on acquisition opportunities that can help us accelerate and complement our organic growth. This transaction marks another step towards our strategic goals.”
Ludlow CEO, Ian Hemingway, added: “Opus is a business we know well. I expect our familiarity with the Opus team and our shared approach to looking after clients to facilitate a smooth integration over the next few months. This acquisition further strengthens our operations in the North West as we look to build upon our existing presence in the area.”
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