Brooks Macdonald Group plc said it has acquired Altrincham-based financial adviser LIFT for an initial payment of £30 million in cash rising to as much as £45 million subject to the firm financial certain targets.

LIFT, which comprises LIFT-Financial Group Ltd and LIFT-Invest, is based in Altrincham and has offices in London and Edinburgh. At the end of last year it had £600 million in funds under management, with about 1,400 clients spanning private individuals, families and corporates.

Last year LIFT reported revenues of £11.3 million and EBITDA of £2.5 million. The acquisition is subject to regulatory approval and is expected to complete by the end of March 2025.

Andrea Montague, CEO & 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.”

Michael Holden and Joel Adams, Founders of LIFT, said: “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.”