Acquisition of Newable Ventures
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".
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For further information please contact:
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Mattioli Woods plc |
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Ian Mattioli MBE, Chief Executive Officer |
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Ravi Tara, Chief Financial Officer Michael Wright, Deputy Chief Executive Officer |
Tel: +44 (0) 116 240 8700 |
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Bill Nixon, Maven Managing Partner |
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Canaccord Genuity Limited (Nominated Adviser and Joint Broker) |
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Emma Gabriel |
Tel: +44 (0) 20 7523 8000 |
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Harry Pardoe |
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Singer Capital Markets (Joint Broker) |
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Tom Salvesen |
Tel: +44 (0) 20 7496 3000 |
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Alaina Wong |
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Media enquiries:
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Camarco |
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Julie Tilley |
Tel: +44 (0) 20 3757 4984 |
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