Key Retirement sold for £208m

Money

Key Retirement Group has been sold by Phoenix Equity Partners to Partners Group for £208m.

The deal will see Key Retirement expand its distribution, eye acquisitions, improve product innovation and add new products.

Phoenix says it increased its original 2013 investment by 4.5 with the sale.

Key Retirement Group chief executive designate Simon Thompson says: “There is a real need for specialist financial services for those in or approaching retirement, which creates a compelling market opportunity for KRG.

“We believe the Partners Group team has the right experience and network to support the successful build-out of our platform and explore new segments of the market.”

Key Retirement director Dean Mirfin says: “I think, in line with the words of Simon, we have had a great experience with our current owners over the last three-and-a-half years, and we are looking forward to where we can take the business with our new owners once we get the approval.”

Partners Group private equity Europe managing director Andrew Deakin says: “The business has significant scope for further value creation and we look forward to working with Simon Thompson and his team to build out KRG’s service offering over the next several years.”

Key Retirement employs 365 people and is headquartered in Preston.

The deal is subject to regulatory approval.