Brooks Macdonald Group plc (LSE:BRK) has expanded its financial planning arm with the acquisition of Manchester-based wealth management firm LIFT-Financial for £30 million initially rising to a potential maximum of £45 million.
LIFT, with offices in London and Edinburgh in addition to its Manchester HQ, had assets under advice (AuA) of £1.6 billion at the end of 2023 of which £600 million were managed.
It has 1,400 clients made up of private individuals but specialises in financial services and professional sports people.
Revenues in 2023 were £11.3 million, underlying profits [EBITDA] £2.5 million and pre-tax profits of £0.5 million.
Brooks Macdonald said the acquisition is expected to be accretive to underlying earnings per share in the first full year of ownership.
Andrea Montague, CEO & CFO of Brooks Macdonald, commented that LIFT is a "high-quality and well-established financial services business with a track record of profitable growth".
Shares in Brooks were unchanged at 1,860p.