The Leicestershire-based firm has bought the JB Group in an agreement that could be worth £2.59 million if revenue and client retention targets are met in the next three years.
The acquired business comprises two companies: John Bradley Financial Services (JBFS) and North Star.
On completion, £1.25 million was paid in cash funded from Mattioli’s existing resources. The terms of the agreement include up to £1.34 million of deferred payments.
Mattioli chief executive Ian Mattioli said the deal was made in response to the growing demand for pensions advice and administration services. “Expanding our presence by acquisition continues to be an important element of our strategy to capitalise on this.”
Post-completion, Mattioli has retained JB’s three consultants and its 22 administration staff. “Bringing the experience and technical ability of John Bradley and his partner Mike Norris into Mattioli Woods further enhances our consultancy offering and consolidates our position in what remains a highly fragmented market,” Mattioli added.
Mattioli Woods was established in 1991 by Ian Mattioli and Bob Woods to provide pensions consultancy and administration services to owner-managers, senior executives and professionals.
The group targets the higher-end of the market providing complex pensions advice, self-invested personal pension (SIPP) and self-administered pension schemes (SSAS), pension investment services as well as the administration of syndicated property schemes.
JB is a two office group that was established in 1989 by John Bradley, a former chairman of the Association of Member-Directed Pension Schemes. The group provides third party administration services to more than 300 SSAS and SIPP clients, with more than £400 million funds in trust.
JBFS provides pensions consultancy and administration services to 235 SSAS and 55 SIPP clients, with an average scheme value of more than £500,000. North Star was established in 2006 and is authorised by the Financial Services Authority to establish and operate personal pension schemes.
In the year to April 2007, JB reported a £400,000 profit from a £1.37 million turnover.
