• DC Advisory (DC) acted as exclusive financial advisor to Ludlow Wealth Management (Ludlow), a UK-based provider of investment, financial planning and pension advice, on its sale to LSE-listed Mattioli Woods plc, a leading provider of wealth management and employee benefit services
  • Ludlow is headquartered in Southport, with a network of offices across the North West of England. It has 61 employees and manages £1.6 bn+ of assets under advice (AuA) for 3,300+ clients
  • Ludlow has a strong track record in M&A - having completed 16 acquisitions in the last 12 years – and received investment from Mobeus in June 2017, helping the business and management team, under the leadership of Ian Hemingway, to double its AuA in that period


  • DC, led by Andy Claymore, acted as the exclusive financial advisor to Mobeus and shareholders of Ludlow, running a competitive process to find a new home for the business with the right strategic and cultural fit
  • Following this process, Mattioli Woods plc was the successful party, paying up to £43.5 m, comprising of an initial consideration of £36.1 m and up to £7.4 m in deferred cash and bonuses
  • The initial consideration equates to a multiple of 10.9x FY20 adjusted EBITDA
  • The transaction delivers a 3.3x return and 36% IRR for Mobeus


  • The acquisition of Ludlow represents a complementary extension of Mattioli Woods’ existing investment proposition and adds to their distribution capacity
  • Furthermore, it allows them to continue developing their product offering, accelerate their organic growth and realise both revenue and cost synergies
  • Ludlow and Mattioli Woods share the same culture and ethos of delivering exceptional client outcomes and going the extra mile, further enhancing the client proposition
  • The deal is subject to normal FCA change of control approval and the completion of the share placing
  • This transaction bolsters DC’s strong credentials in the asset & wealth management space

“We have enjoyed a hugely successful partnership with Ludlow and we are absolutely delighted with the outcome that DC Advisory has helped us to achieve.”

Justin Maltz
Partner at Mobeus

“DC Advisory was great to work with throughout the transaction – they understand the sector incredibly well, they ran a tightly controlled process and they have helped us to find an exciting new home for our people and clients.”

Ian Hemingway
CEO at Ludlow Wealth Management

“The DC Advisory team is immensely proud to have been able to lead this process for Mobeus and the Ludlow shareholders, and we wish Ian and team well as they look to continue their impressive story with Mattioli Woods plc.”

Andy Claymore
Managing Director at DC Advisory