Mattioli Woods snaps up pension advisory firm SSAS Solutions

Wealth management firm Mattioli Woods has announced the acquisition of Belfast-based pension advisory group SSAS Solutions for up to £4.01m, in a deal that is expected to be earnings-enhancing in the first full year of ownership.

Mattioli will pay an initial consideration of £2.51m, comprising £1.25m in cash plus 162,654 new ordinary shares of 1p each. There will also be a deferred consideration of up to £1.5m payable in cash on the first and second anniversaries of completion, subject to certain financial targets being met.

SSAS provides a bespoke, specialist pension advisory service for the operation of small self-administered pension schemes. The business, which employs 12 staff, provides personal service and expert technical advice to owner-managed businesses throughout the UK, acting as SSAS practitioner to 350 schemes with around £380m of assets under administration.

In the year to the end of March 2018, SSAS Solutions generated a pre-tax profit of £0.61m on revenue of £1.01m.

Chief executive officer 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.

"I believe extending our geographic footprint strengthens our position, making the group the only SSAS and SIPP operator based in Northern Ireland."

Mattioli said it will retain the management team of SSAS.

At 0940 GMT, the shares were down 0.3% to 775p.