Wealth manager and SIPP firm Mattioli Woods has expanded into Northern Ireland with the takeover of Belfast-based SSAS Solutions for just over £4m.

SSAS Solutions employs 12 staff and is believed to be Northern Ireland's largest independent firm of SSAS specialists, working mainly with business owners.

The firm was established in 2009 and provides pension administration and trustee services to over 350 SSAS clients and has £380m in assets under administration. 

Mattioli Woods says it is planning to boost the SSAS Solutions team as it expands operations in the region, including a new administration hub and the expansion of services to include SIPPs.

Mattioli believes the acquisition will make it the sole SSAS and SIPP operator based in Northern Ireland.

As part of the £4.01m deal, Mattioli will pay £2.51m initially - £1.25m in cash plus 162,654 new ordinary shares in Mattioli Woods with a value of £1.26m. It will then pay a deferred consideration of up to £1.5m in cash on the first and second anniversaries of completion subject to financial targets being met. 

Director-owners of SSAS Solutions Allison Chambers and Michael Galway said they were “delighted” to be part of the Mattioli Woods group and the deal would help the firm continue to provide ‘entrepreneurial pension solutions’ for clients and expand its offering.

Mattioli Woods' group managing director Murray Smith said: "We are thrilled to welcome the SSAS Solutions team into the Mattioli Woods family.

“It’s a great opportunity to build on the success of an established business in Northern Ireland – where we already have a number of clients. We’ve known Michael and Allison for a number of years and have huge respect for the technical expertise their team offers.”

Leicester-based Mattioli Woods is listed on AIM and has 10 offices around the UK. It employs more than 600 people and has assets under management, administration and advice of £8.8 billion.