Acquisition of Newable Ventures
01/12/2023 07:00
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RNS Number : 3145V Mattioli Woods PLC 01 December 2023
1 December 2023
Mattioli Woods plc
("Mattioli Woods")
Acquisition of Newable Ventures Limited by Maven Capital Partners UK
Maven Capital Partners UK LLP ("Maven"), part of Mattioli Woods plc (AIM:
MTW.L), the specialist wealth management and asset management business, is
pleased to announce that it has entered into an agreement to acquire the
entire share capital of Newable Ventures Limited ("Newable") from Newable
Capital Group Limited, subject to regulatory approval.
This acquisition follows recent discussions between Maven and the Newable
Capital Group executive and will allow Maven to expand its activities into
direct Enterprise Investment Scheme ("EIS") investment. Newable is an EIS
focused fund management company with £12m of Assets Under Management ("AuM").
Maven will continue to strengthen Newable's senior management team and broaden
its product range, and this acquisition is consistent with the strategy to
achieve further growth in AuM following the acquisition of Maven by Mattioli
Woods in 2021.
This transaction represents a strategic milestone for Maven in providing
emerging businesses with an additional way to access venture capital, and a
new avenue for investors to invest tax-efficiently in smaller UK companies
with high growth potential.
Commenting on the acquisition, Bill Nixon, Managing Partner of Maven said:
"As part of the continuing evolution and growth of the Maven business we have
been keen for some time to add an EIS capability to our client offering. The
acquisition of Newable Ventures Limited is an important step forward in
completing our objective of providing a full suite of best-in-class client
products, which offer access to fast growing private company investments,
often on a tax assisted basis. The recent announcement in the Government's
Autumn budget statement that the EIS and Venture Capital Trust schemes will be
extended through till at least 2035 ensures that these products will remain at
the forefront of financial planning and portfolio diversification for
investors. We look forward to welcoming the Newable team to Maven".
Commenting on the acquisition Chris Manson, Newable Chief Executive Officer
comments:
"This collaboration with Maven Capital Partners aligns with our vision to
empower the UK's small and medium-sized enterprises and start-ups. We are
excited about the new opportunities this will bring to our investors and the
companies we support".
- Ends -
For further information please contact:
Mattioli Woods plc
Ian Mattioli MBE, Chief Executive Officer
Ravi Tara, Chief Financial Officer
Michael Wright, Deputy Chief Executive Officer Tel: +44 (0) 116 240 8700
Bill Nixon, Maven Managing Partner www.mattioliwoods.com
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Emma Gabriel Tel: +44 (0) 20 7523 8000
Harry Pardoe www.canaccordgenuity.com
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Tom Salvesen Tel: +44 (0) 20 7496 3000
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