Brooks Macdonald is to acquire a 100% share stake of Lift-Financial Group and Lift-Invest (Lift) for an initial consideration of £30m payable in cash on completion and a total consideration of up to £45m, subject to financial targets.
Brooks Macdonald said the acquisition aligns with its strategy to expand its client reach and accelerate growth in financial planning.
The acquisition is subject to regulatory approval and is expected to complete by the end of March 2025.
Andrea Montague, chief executive and CFO of Brooks Macdonald, said: “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.
“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.”
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Michael Holden and Joel Adams are the founders of Lift.
Holden said: “We are delighted that we have partnered with Brooks Macdonald, a business with an excellent reputation that shares our commitment to achieving the best possible outcomes for clients.
“We are tremendously proud of the business we have built in the last 17 years.
“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.”
Lift is headquartered in Greater Manchester, with offices in London and Edinburgh.
As at the end of December last year, assets under advice were £1.6bn, of which £600m were also funds under management.
Lift’s base of 1,400 clients is made up of private individuals, mainly in financial services and professional sports, as well as families and corporate clients.
In addition to wealth management, Lift offers mortgage and insurance services.
