For an initial payment of £30m ($39m), payable in cash upon completion, and a potential total consideration of up to £45m, contingent upon meeting financial targets, Brooks MacDonald Group will purchase all of the issued share capital of LIFT – “LIFT-Financial Group and LIFT-Invest” (collectively, “LIFT”).
By extending its clientele and quickening the expansion of financial planning, the acquisition complements the group’s strategic goals. By the end of March 2025, the acquirement should be finalised, pending regulatory approval.
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LIFT has offices in Edinburgh and London in addition to its headquarters in Greater Manchester. As of 31 December 2023, there were around £1.6bn in assets under advice (AuA), of which approximately £600m were funds under management (FuM).
The approximately 1,400 clients that make up LIFT’s elite clientele are made up of families, corporate clients, and private individuals, most of whom work in financial services and professional sports. Aside from asset management, LIFT also provides insurance and mortgage services.
LIFT generated £11.3m in revenues, £2.5m in EBITDA, and a reported PBT of £0.5m for the fiscal year ending 31 December 2023. As of 31 December 2023, its net assets were £0.8m. The acquisition is expected to increase underlying profits per share in the first full year of ownership.
Moreover, this move will strengthen the group’s financial planning skills, which it already possesses and those it just obtained by acquiring Lucas Fettes Financial Planning.
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By GlobalDataTogether, these acquisitions will increase its yearly income by over £16.5m and the AuA by around 70%, resulting in a UK financial planning capability with an AuA of about £6.2bn (after BMI disposal).
LIFT has great potential for future expansion and aligns strategically with the group’s effective investment management capabilities.
Andrea Montague, CEO & CFO of Brooks Macdonald, stated: “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.”
Michael Holden & Joel Adams, Founders 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. 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.”
