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Key Retirement Solutions sold in £35m deal

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Key Retirement Solutions’ parent company Cabot Square Capital has sold its majority stake to private equity firm Phoenix Equity Partners for £35m.

Money Marketing revealed KRS was in takeover talks with a number of private equity firms as part of a review of its funding in December 2011.

Phoenix Equity Partners will hold the majority stake in the firm, while KRS chief executive Colin Taylor, managing director Paul Wilson and group directors Dean Mirfin and Richard Overson also hold stakes.

The deal is subject to regulatory approval and is expected to complete in August.

KRS says it is planning “new product launches and possible acquisitions” to build on the launch of a home buying and selling service Key Move Property Services.

Taylor said: “Since launch KRS has worked tirelessly to improve the level of financial advice available to those approaching or in retirement. We are excited about partnering with Phoenix, a firm with considerable experience of investing successfully in the retirement segment of financial services, to continue to build KRS into the trusted brand for the over 55s.”

Phoenix managing partner Sandy Muirhead says: “We believe KRS represents a highly attractive platform from which to develop a broader retirement services proposition. We have strong knowledge of this sector, by virtue of our highly successful previous investment in Partnership Assurance, which we created in 2005, and we look forward to working with the KRS management team to build another leading business in this sector.”

Cabot Square Capital took a 60 per cent stake in the firm in May 2006. It replaced Anglo Irish Bank which previously held a 51 per cent stake.

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