Pivotal Growth, the mortgage and protection aggregator, has bought Scottish mortgage broker Lifetime Finance Group for an undisclosed fee.

The aggregator says Lifetime Finance Group was founded 25 years ago and is one of the largest mortgage brokers in Scotland, with a particular focus on advising contractors and self-employed clients.

Pivotal Growth is a joint venture between London-listed LSL Property Services and investment firm Pollen Street Capital set up in April to buy and build a leading national mortgage advisor.

This move is the first acquisition by Pivotal Growth, which has a war chest of at least £200m to fund purchases.

The aggregator says it, “is currently discussing a significant number of other potential opportunities and expects to complete further transactions in the near future”.

Pivotal Growth chief executive Simon Embley says: “I am pleased to confirm that Pivotal Growth has successfully concluded the acquisition of Lifetime Finance Group.

“We are particularly excited to be able to work with Gordon and his team to develop the business further.”

Lifetime Finance managing director Group Gordon Hunter adds: “Pivotal Growth is an ideal partner, and I am delighted to be retaining a minority investment in the business, particularly due to the future opportunities that this brings.

“Investment by Pivotal will give us the capital and technology that is becoming increasingly important to be able to satisfy the growing demands of all stakeholders, including, consumers, lenders and the regulator in a fast-moving dynamic market.”