Investment management firm Brooks Macdonald has acquired advice business LIFT-Financial, including brand names LIFT-Mortgages and LIFT-Invest.
A statement from Brooks Macdonald states that an initial consideration of £30m will be paid in cash on completion, with a total of £45m to be paid subject to financial targets.
LIFT-Mortgages founder and managing director David Baker said in a LinkedIn post today that the business has “punched above our weight for almost a decade.”
“It has been the most amazing journey. From £0 to £591m of lending in a year was no easy task but its something I am so proud of us all achieving.”
Baker founded the mortgage arm of LIFT four years after the overall business began, and has headed it up for 13 years.
He says this will continue to be the case following the acquisition as he will stay on to manage the mortgage business.
“To have a FTSE listed firm of the calibre of Brooks want to buy something that I started leaves me lost for words.
“LIFT has been the best experience for me – I have learnt a million things I use every day in my business life and I have loved almost every minute of it. I feel so lucky to have the best team around me.
“Yet none of this changes anything. I will still be here for my clients as I was before and I will still be striving to make us the best mortgage brokerage that I can.”
Of the acquisition, Brooks McDonald chief executive and chief finance officer Andrea Montague says: “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.”
The Acquisition is subject to regulatory approval and is expected to complete by the end of March 2025.
