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LIFT, a financial planning group based in Greater Manchester, is set to be acquired by Brooks Macdonald Group in a deal worth up to £45 million. Headquartered in Altrincham, LIFT also has offices in London and Edinburgh.
As of December 31 2023, the company’s assets under advice (AuA) totalled around £1.6 billion, with approximately £600 million of this also being funds under management (FuM). The group’s client base is primarily comprised of private individuals in financial services and professional sports, as well as families and corporate clients. In addition to its core wealth management offering, the group also provides mortgages and life insurance.
Brooks Macdonald Group has agreed to acquire LIFT – LIFT-Financial Group Limited and LIFT-Invest, for an initial consideration of £30 million in cash. As well as the initial consideration, the deal also includes £10 million in cash payable at the end of the first 12 months following completion, depending on the company attaining certain client retention targets (weighted by AuA).
A further £5 million in a 50:50 mix of cash and shares in Brooks Macdonald will also be payable at the end of the first 12 months post-completion, dependent on the company meeting EBITDA financial targets. The deal remains subject to regulatory approval and is expected to be completed by the end of March 2025.
If the full £45 million consideration is paid, the deal would reflect an 18x EBITDA multiple for LIFT, which generated earnings of £2.5 million on revenues of £11.5 million in the year ending December 31 2023.
According to Brooks Macdonald, the deal will enhance its existing financial planning capabilities, as well as building on those recently acquired through the group’s acquisition of Lucas Fettes Financial Planning last month.
Andrea Montague, Chief Executive and CFO of Brooks Macdonald, commented: "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."
LIFT founders Michael Holden and Joel Adams said that becoming part of Brooks Macdonald will mean the company is “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.”
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