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Partnership confirms flotation plans

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Enhanced annuity specialist Partnership has announced plans to float on the London Stock Exchange.

Partnership says it is aiming to raise around £120m from the issuance of new shares through the Initial Public Offering.  

This is in addition to the sale of at least 25 per cent of shares currently owned by private equity firm Cinven and Partnership’s management.

Sources say the flotation is likely to value Partnership at over £1bn.

The insurer says the proceeds of the share sale will be used to repay external debt and shareholder loan notes, and for “general corporate purposes”.

Partnership chief executive Steve Groves says: “We set up Partnership in 2005 to use its unrivalled proprietary underwriting capabilities to meet the demands of an exciting growth market. 

“Since then, we’ve grown sales and profits by around 40-50 per cent each year and the IPO represents an important next step for the business.”

Partnership chairman Chris Gibson-Smith says: “The IPO is a natural step for Partnership, and the profile generated in the public markets will support its continued growth as the population ages and the potential demand for secure retirement income grows substantially.”

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