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Private equity firm Phoenix Equity Partners has bought a £35m stake in Preston-based Key Retirement Solutions (KRS).
The announcement represents Phoenix's ninth investment from a £450m fund which was raised in 2010, and its latest regional investment since opening its Manchester office in 2011.
In the year to 31 December 2012, KRS generated EBITDA of £5.2m, and employed 240. The deal includes £2m of cash held on balance sheet, from Cabot Square Capital.
Colin Taylor said: "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." Completion of the deal remains subject to regulatory approval.
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