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Mattioli Woods has acquired Belfast based SSAS Solutions

Mattioli Woods has acquired Belfast-based SSAS Solutions. The deal will cost Mattioli up to £4m.

Mattioli Woods has acquired Belfast-based SSAS Solutions.
The deal will cost Mattioli up to £4m.

SSAS Solutions currently acts as practitioner to 350 schemes with approximately £380m of assets under administration, providing technical advice to owner-managed businesses, and employs 12 staff.

For the year ended 31 March 2018, SSAS Solutions pre-tax profit came in at £0.61m, based on revenues of £1.01m.

Mattioli says the firm’s management team will be kept on by the firm.

The deal sees SSAS Solutions get a £2.5m up front payment from Mattioli, including £1.25m in cash and the same value in new shares, with the remaining £1.5m based on meeting financial targets over the next two years.

Mattioli says the purchases gives it the chance to bolster SSAS Solutions’ current services to clients to include Sipps.

Mattioli chief executive Ian Mattioli says: “This acquisition is an important step forward for Mattioli, as we continue to expand our operations.  SSAS Solutions is a great fit culturally & strategically, serving 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 Sipps. I believe extending our geographic footprint strengthens our position, making the Group the only SSAS and Sipp operator based in Northern Ireland.”