Leicestershire wealth management specialist Mattioli Woods has acquired private client adviser and asset management business Hurley Partners in a deal worth £25.6 million.
Hurley, which has offices in London, Surrey and Manchester, provides specialist pensions advice and investment management services.
Mattioli Woods, which looks after £9.4 billion in clients assets, said the move was a “high quality” opportunity that extended its geographic footprint into Surrey.
It already has operations in Manchester and London.
It is paying the Hurley shareholders £10.6 million in cash and £7 million in new ordinary shares in Mattioli Woods, plus up to £8 million in cash in the two years following completion - dependent on Hurley meeting and outperforming forecast earnings.
Subject to regulatory approval, the deal should be completed before the summer.
Hurley was founded in 2013 and manages around £570 million of client assets.
There will be no job losses among its 33-strong team.
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In the year to April 30, 2019, it generated revenues of £5.68 million with pre-tax profits of £750,000. It had net assets of £2.62 million.
Mattioli Woods chief executive Ian Mattioli said it was an important step forward for the business as it continues to expand its operations.
He said: “Our discussions with the management team have confirmed the strong cultural fit and our common approach to looking after clients, where the strategy of growing the enlarged group with the client always in mind clearly resonates.
"Hurley Partners serves a similar client base to Mattioli Woods, with the many complementary elements between our businesses enhancing our specialist pension knowledge, discretionary portfolio management and financial planning propositions.
“We believe the range of products and services that Mattioli Woods has to offer can support the excellent outcomes from which Hurley's clients already benefit.
“In addition, there are cost savings to be realised from combining our operations in London and Manchester.
"The Hurley team has a proven ability to win high quality new business and the transaction gives us an exciting new distribution channel for Mattioli Woods' services.”
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Hurley Partners chairman Tony Hurley said: "This is a highly positive development for everyone associated with Hurley Partners and especially our clients and employees.
“Putting clients at the heart of everything we do is central to Hurley Partners' culture and we recognise the commitment of Mattioli Woods to this principle.
“Clients will notice no difference in our approach, which has been built on personal service and clear communication alongside our knowledge and expertise.
“I am delighted to confirm that all of the employees of Hurley Partners will be remaining with the newly combined group and will continue to operate from our existing locations.
“The highest level of commitment of all directors and staff remains unaltered.
“We look forward to working together as part of a strong and progressive wealth management group".