Key Retirement Group sells for £208m

Preston-based Key Retirement Group has been sold by Phoenix Private Equity to funds managed and advised by Partners Group, an international private markets investment manager.

Key RetirementThe sale, worth £208m, represents a 4.5x return for Phoenix and delivers an exit for the founders of the business as well as a transition to the management which formed part of the succession plan.

Key said the sale will enable it to accelerate its strategic growth plan. Paul Medlicott, private equity partner at Addleshaw Goddard who advised on the deal, said: “We are delighted to have supported both Phoenix and the management team on selling Key Retirement Group to Partners Group and we wish the management team and their new investor the best for the future.”