Wealth management firm Mattioli Woods has bought independent financial advisory company Pole Arnold Financial Management.
The transaction will see the firm acquire 100% of the issued share capital of the IFA company for an initial consideration of £4m ($5.5m, €4.6m) and a potential further consideration of up to £3m depending on performance targets.
The deal adds £245m of assets under management to Mattioli Woods and around 360 private and corporate clients.
Leicester-based Pole Arnold employs 16 staff, all of whom will remain at the wealth manager after the deal is complete.
Ian Mattioli, chief executive of Mattioli Woods, said: “We are delighted to welcome Mike and his experienced team as part of Mattioli Woods. I have known Mike for many years and admired how he and his team have grown a great business, built on a strong client-focussed culture and a commitment to going the extra mile.
“The transaction expands the group’s presence in both Leicester and London, underlining our commitment to continuing growing both organically and by acquisition.”
Mike Pole, Pole Arnold’s managing director, added: “We are very proud of our team and the quality of service and advice that we provide to our clients.
“The increasing resources and regulatory burden needed to run a professional advisory business led us to explore options to ensure the long-term continuity of our quality advisory service to our clients.
“With a larger and more comprehensive infrastructure and support team behind us with shared values and culture, we can achieve the economies of scale to keep down the spiralling costs of regulation and compliance.”