Brooks Macdonald Group is set to wholly acquire LIFT Financial Group for a potential total of £45m.
The deal to buy the financial planner includes £30m cash up front, an additional £10m in cash if client retention targets are met at 12 months and £5m split between cash and shares if earnings targets are met.
The deal remains subject to regulatory approval and is expected to complete by the end of March 2025.
LIFT is headquartered in Greater Manchester, with offices in London and Edinburgh. As at 31 December 2023, the firm’s assets under advice were £1.6bn, of which £600m were also funds under management.
See also: Quilter Academy partners with sport professional specialists
This is spread across 1,400 clients, including private individuals, predominantly in financial services and professional sports, families and corporate clients. In addition to wealth management, LIFT offers mortgage and insurance services.
Andrea Montague, CEO & 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.”
See also: Government’s ‘AIM-pocalypse’ would go far beyond inheritances – Wealth Club
Michael Holden, founder of LIFT, 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.”
