Brooks Macdonald will pay up to £45mn to buy financial planning firm Lift.
The firm said it will help it expand client reach and accelerate its growth in financial planning.
It is expected to acquire 100 per cent of Lift's share capital for an initial consideration of £30mn payable in cash on completion and a total consideration of up to £45mn, subject to financial targets.
Andrea Montague, CEO and CFO of Brooks Macdonald, said: "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.”
Headquartered in Manchester, Lift had assets under advice of £1.6bn as of the end of 2023. This includes £600mn of which are funds under management.
It has around 1,400 clients, predominantly made up of those in financial services and professional sports. In 2023, Lift delivered revenues of £11.3mn and Ebitda of £2.5mn.
Michael Holden and Joel Adams, founders of Lift, said: "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.”
In September, Brooks Macdonald bought Norwich-based firm Lucas Fettes Financial Planning for an undisclosed sum.
The two acquisitions will add more than £16.5mn of annual revenues and grow Brooks' AUA by around 70 per cent.
tara.o'connor@ft.com
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