Mattioli Woods has purchased Stockport-based advice firm Cullen Wealth Limited for an undisclosed sum.
Cullen Wealth is a financial advisory and employee benefits business.
Richard Cullen, founder of Cullen Wealth said: “Joining forces with Mattioli Woods is a fantastic opportunity for our team. With our shared focus on client care and innovation, we are confident that this partnership will create exciting opportunities for growth and enhanced services for our clients.”
In March this year, private equity firm Pollen Street Capital agreed to buy Mattioli Woods as part of a £432mn deal which would take the listed company private.
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.
Commenting on the deal, Mattioli Woods deputy chief executive Michael Wright, said: "We are thrilled to welcome Cullen Wealth into the Mattioli Woods Group. Their commitment to exceptional client service and their talented advisers align perfectly with our values and vision.
"Together, we will strengthen our market position and deliver even more tailored wealth management solutions.”
alina.khan@ft.com
