Brooks Macdonald has agreed to acquire LIFT-Financial Group and LIFT-Invest for up to £45m, subject to financial targets.

LIFT-Financial Group offers a range of financial planning services, while LIFT-Invest, which is run by the team behind LIFT-Financial Group, is a discretionary fund management (DFM) firm.

Brooks Macdonald will pay an initial consideration of £30m, payable in cash on completion, and a total consideration of up to £45m for 100 per cent of the issued share capital of both LIFT businesses.

Up to £10m will be paid in cash at the end of the first 12 months following completion, depending on achieving certain client retention targets, and up to £5m will be paid in a 50/50 mix of cash and Brooks Macdonald shares at the end of the first 12 months after completion, dependent on EBITA financial targets being met.

The transaction is subject to regulatory approval and is expected to complete by the end of March 2025.

Brooks Macdonald said the acquisition aligned with its strategy by expanding its client reach and accelerating growth in financial planning, building on its agreed acquisition of Lucas Fettes Financial Planning.

LIFT is a UK-based financial services company with around £1.6bn of assets under advice, of which approximately £600m are also funds under management, as at 31 December 2023.

It has a base of around 1,400 clients comprising private individuals, predominantly in financial services and professional sports, families and corporate clients.

Alongside wealth management, LIFT also offers mortgage and insurance services.

“I am pleased to announce today the acquisition of LIFT, a high-quality and well-established financial services business with a track record of profitable growth,” commented Brooks Macdonald CEO & CFO, Andrea Montague.

“This is an exciting step in the execution of our strategy and reinforces our commitment to delivering trusted financial planning services backed by best-in-class multi-asset investment solutions. I look forward to welcoming the talented and experienced LIFT team to Brooks Macdonald.”

LIFT founders, Michael Holden & Joel Adams, added: “We are delighted that we have partnered with Brooks Macdonald, a business with an excellent reputation who share our commitment to achieving the best possible outcomes for clients.

“We are tremendously proud of the business we have built over the last 17 years, and as part of Brooks Macdonald we will be able to bring a new level of sophistication to our investment proposition, as well as much better opportunities for our people as part of a larger business.

“We look forward to joining the group and are excited about the future of our business as we leverage the opportunities this transaction will create for everyone involved.”

---