Specialist wealth and asset management firm Mattioli Woods has announced the acquisition of a 50.1% stake in White Mortgages Limited for a total consideration of £0.425m.
In addition, Mattioli Woods has entered into an option agreement to acquire the remaining 49.9% of White Mortgages, with the total consideration payable dependent on the achievement of specified targets in the 12 months prior to the exercise date.
White Mortgages, founded in 2011, specialises in providing independent mortgage advice and bespoke protection advice.
Based in Lincoln, the company employs a team of nine staff members, including four advisers and five administrative staff, all of whom will remain with Mattioli Woods following completion.
In the financial year ending 31 March 2022, White Mortgages generated revenues of £0.51m and a profit before taxation of £0.22m. The acquisition is expected to be earnings-enhancing in the first full year of ownership.
Michael Wright (pictured), group managing director of Mattioli Woods, said: “Our investment in White Mortgages is an exciting extension to our existing client proposition and is another step forward for Mattioli Woods as we continue to expand our operations.”
Steve White, director of White Mortgages, added: “We are very excited to partner with a like-minded management team with high growth ambitions.
“The sale will help accelerate our growth plan by broadening our proposition with the support of Mattioli Woods.
“We will continue to place integrity, reliability, and a commitment to excellence at the heart of our business.”
