Financial planning firm acquired at around 5x revenues

Northern Ireland-based financial planning firm Doherty Pension & Investment Consultancy has been acquired by wealth management group Mattioli Woods in a deal reportedly valued at around £15 million.

The price represents approximately a 5.1x multiple of Doherty’s £2.9 million revenues for the year to December 23 2021, on which it generated profit of close to £1.5 million.

Doherty was founded in 1985 and advises around 1,320 private clients, with the firm’s services including specialist pension advice regarding SSASs. The company, which is based in Belfast and employs 28 staff, currently has more than £635 million in combined assets under advice and administration.

Following the acquisition, Doherty’s management team, led by managing director Terry Lappin, will remain with the firm.

Commenting on the acquisition, Mattioli Woods group managing director Michael Wright said: “It is very rare that such a great opportunity to bring one of the largest financial planning businesses in Northern Ireland into the Mattioli Woods Group presents itself. In over 30 years of operations, Doherty’s has built a solid and respected reputation, with integrity and professionalism at the heart of its client service.”

“It was clear from our initial discussions that Doherty’s is a great fit culturally and strategically, including a focus on long-term client relationships, serving a similar client base to our existing business. This acquisition is an important step forward for Mattioli Woods, strengthening our position as the only SSAS and SIPP operator based in Northern Ireland.”

Wright added: “There are many complementary elements between our businesses enhancing our specialist pension, 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 Doherty’s clients already benefit.”

Doherty’s managing director Terry Lappin said: “We are delighted to be joining the Mattioli Woods Group as the synergy between our companies was obvious from our very first discussion. This can only improve our client offering and we are looking forward with enthusiasm to what can be achieved.”

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