Investec has announced the sale of Kensington Mortgages to investment firms Blackstone and TPG in a deal worth £180m.
Former Barclays chief operating officer Ian Henderson, who most recently served as chief executive officer at Shawbrook Bank, is set to become chief executive at Kensington Mortgages upon completion of the deal.
Investec announced it was looking to sell Kensington Mortgages in February, having acquired the company in a £283m deal in 2007.
Prior to that, Kensington had been publically listed since 2000.
Goldman Sachs was reported in March to be the lead bidder for the specialist lender, with interest also reported amongst several firms including Virgin Money and Metro Bank.
However, last week it was confirmed Investec had sold its mortgage arm to Blackstone and TPG.
The company says the sale is based on Kensington’s tangible net asset value of £165m.
Henderson says: “I am delighted to join Kensington and look forward to working with Keith Street and the management team under new ownership.
“Kensington is an outstanding business and we will use its expertise and market position to broaden our product range for new and existing customers.”
Brightstar Financial chief executive Rob Jupp says: “This is excellent news.
“Kensington Mortgages remains the marquee brand in the specialist lending market and I’m sure under the guidance of its new parents it will add much needed lending support to clients that require non-standard mortgages.
“We offer our congratulations and a hearty well done to all those involved for getting this deal completed.”