Phoenix Equity Partners (“Phoenix”), a leading UK middle-market private equity firm, is pleased to announce that it has completed the sale of Key Retirement Group (“KRG” or “the Company”), a leading provider of financial products for retirees, to funds managed and/or advised by Partners Group, a global private markets investment manager, for a transaction value of £208 million. The transaction was first announced on 18 April 2017 and has now received regulatory approval.
The sale of KRG will deliver a return of c.4.5x Phoenix’s investment cost and is the sixth realisation from Phoenix’s 2010 Fund. Previous exits include CloserStill, Edif Group and The Gym Group.
Since investing in 2013, Phoenix has worked closely with KRG’s management team, led by CEO Colin Taylor and Deputy CEO Simon Thompson, to achieve strong organic growth, with profits increasing threefold over the period of Phoenix’s ownership. Over this time, the Company has invested heavily in developing market-leading systems and technology, and in building a top-quality team; KRG now employs 380 people in Preston, Lancashire. The Company has also played a leading role in bringing new funding into the fast-expanding lifetime mortgage market.
Phoenix was advised by Evercore (lead advisory), Addleshaw Goddard (legal), Deloitte (financial due diligence) and LEK (commercial due diligence).