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MGM Advantage buys equity release provider Stonehaven

Pension provider MGM Advantage has acquired equity release specialist Stonehaven.

MGM says Stonehaven will retain its brand and continue to focus on the lifetime mortgage market.

The acquisition is subject to regulatory approval, with the deal due to be completed in spring 2014.

MGM Advantage chief executive Chris Evans says: “The acquisition of Stonehaven provides a strong platform for us to develop and grow the retirement market.

“By sharing expertise and ideas across the group, we can leverage opportunities and help Stonehaven grow sales and become a significant provider of equity release.”

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