Partnership is the UK's premier provider of financial products for individuals with reduced life expectancy. Cinven will acquire Phoenix Equity Partners majority shareholding, subject to regulatory approvals.
Partnership is one of the UK's leading specialist providers of retirement solutions.
In addition to buying out the existing shareholders, Cinven will inject further capital into the business to strengthen still further the company's existing very strong balance sheet, and has given a commitment to invest further substantial amounts if required to support future business developments. Cinven expects to make significant investment in the staff, brand, infrastructure and distribution channels in order to deliver maximum benefit from this high growth segment of the financial services market.
Long term care insurance: News update: June 2008