Phoenix exits Key Retirement Group in £208m deal

Phoenix Private Equity has sold Preston-based Key Retirement Group for £208m to funds managed and advised by Partners Group, the global private markets investment manager.

The deal, advised by Addleshaw Goddard’s private equity team in Manchester, represents a 4.5x return for Phoenix and delivered an exit for the founders of the business as well as a transition to the management which formed part of the succession plan.

The agreement will enable Key – an independent provider of specialist financial products to retirees – to accelerate its strategic growth plan.

Rhe AG team included private equity partners Paul Medlicott, Yunus Seedat and Andy Green along with Tina Wong, Kasim Hussain, Josie Marsden, Rachael Norris, Martin O’Shea, Ben Edwards, Justine Delroy, Catherine Concannon, Rosanna Bryant and Matt Collins.

Medlicott 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.”