Cinven will acquire the majority shareholding in Partnership, currently held by Phoenix Equity Partners.
Cinven will inject significant capital into the business, which provides impaired and enhanced annuities, long-term care plans and life cover, and has committed to financially supporting future business developments. The firm aims to maximise profits by making a significant investment in Partnership’s staff, brand, infrastructure and distribution channels.
Partnership executive chairman Ian Owen says: “Phoenix Equity Partners have been tremendously supportive of our business, and I would like to publically thank Sandy Muirhead and his colleagues for the tremendous support which they have given us.
“Cinven has the investment firepower to enable us to now go much further, much faster. They share our vision for the business in building on our market leading mortality data, expertise and reputation to become the undisputed leader in underwritten annuities, whether enhanced or impaired, whilst continuing to build on our position in the care market.”