The firm’s chief executive said investment in the KRS group of companies by Phoenix would help accelerate the growth it has experienced in recent years as it considers future acquisitions and product launches.
The deal, which is subject to regulatory approval, sees previous investor Cabot Square Capital sell its stake in the Preston-based business after six years.
Phoenix is investing along with KRS’s management team of Mr Taylor, managing director Paul Wilson and group directors Dean Mirfin and Richard Overson.
Recent deals undertaken by KRS have included the launch of a home-buying-and-selling service Key Move Property Services and a partnership with Friends Life to offer advice on open-market annuities.
Phoenix was an early investor in specialist life and pensions provider Partnership.
Mr Taylor said: “Phoenix is a firm with considerable experience of investing successfully in the retirement segment of financial services.”
Sandy Muirhead, a managing partner at Phoenix, said: “KRS represents a highly attractive platform from which to develop a broader retirement service.”
| Background |
| Other firms to have recently sought private equity investment include Swansea-based IFA Portfolio Financial Consultancy, which teamed up with Hamilton Bradhsaw Venture Partners – founded by former Dragons’ Den investor James Caan. Meanwhile, National IFA consolidator Bellpenny is backed by global private equity firm Oaktree Capital Management, while national wealth management firm Towry is backed by Palamon Capital Partners. |
