Wealth firm Mattioli Woods has acquired rival Atkinson Bolton in a deal worth £6 million.
Mattioli, which expanded into wealth management last year, has bought the entire share capital Atkinson’s parent company Thoroughbred Wealth Management for up to £5.9 million.
Mattioli will pay an initial £3.24 million, compromising of £357,000 in cash and 946,256 new share.
There will be a deferred consideration of £2.75 million payable in cash over four years.
Newmarket-based Atkinson Bolton is headed by director Simon Gibson (pictured).
Atkinson Bolton's management team will be retained after the acquisition. The firm, which has discretionary permissions and runs its own distributor influenced funds, has around £420 million in assets under advice and management.
Thoroughbred, the holding company for Atkinson Bolton, posted a profit before tax of £610,000on revenues of £2.8 million for the year ended 31 December 2012.