8th October 2024
Brooks Macdonald has announced the acquisition of Lift Financial Group for £45m, marking a significant development in the financial planning and wealth management industry. The deal includes an initial payment of £30m, with an additional £15m contingent upon Lift achieving specific milestones related to client retention, asset growth, and EBITDA over the next 12 months.
Lift, headquartered in Greater Manchester and with offices in London and Edinburgh, manages £1.6bn in assets under advice, including £600m in funds under management. The group serves a diverse client base of around 1,400 individuals, families, and corporate clients, offering financial planning, mortgages, and insurance services.
This acquisition is part of Brooks Macdonald's strategy to strengthen its domestic presence under its new CEO, Andrea Montague. It follows Brooks' recent sale of its international arm to Canaccord Genuity Wealth Management for up to £51m, which enables the company to reallocate resources to expand its UK operations. In addition to Lift, Brooks Macdonald recently acquired Lucas Fettes, a Norwich-based financial planning firm, to grow its assets under advice to £6.2bn and add more than £16.5m in annual revenue.
Lift's founders, Michael Holden and Joel Adams, will remain with the business post-acquisition, along with their current team. Integrating Lift's comprehensive financial planning services with Brooks Macdonald's expertise in multi-asset investment solutions is expected to create significant value for both firms and their clients. This acquisition aligns with Brooks Macdonald's goal to enhance its service offerings and establish itself as a leader in the wealth management market.
The financial planning and wealth management sector continues to experience a wave of consolidation as larger firms pursue acquisitions to expand their scale, regional presence, and service capabilities. This trend presents opportunities and challenges for smaller businesses, particularly in maintaining a competitive edge in a rapidly evolving market.
At Chapters Capital, we specialise in financial planning and wealth management M&A. Whether you are considering a sale, merger, or expansion, our tailored approach ensures you receive expert advice at every step. Contact one of our professional associates today for a confidential, no-obligation consultation.