European private equity firm Permira has closed its £228m (€250.7m) Just Retirement transaction, taking the UK insurance company private.
Permira-backed investment vehicle Avalon acquired the business, which delisted from the Alternative Investment Market of the London Stock Exchange yesterday.
In addition to the £228m, Permira will inject £25m (€27.5m) into the business.
Just Retirement offers specialist life insurance products to people with reduced life expectancies, potentially offering higher annuities than traditional life insurance options. The investment is the first by Permira’s new financial services team, headed by James Fraser, previously of global business consultancy firm LEK Consulting.
Permira is an internationally focused private equity firm with offices in Frankfurt, Guernsey, Hong Kong, London, Luxembourg, Madrid, Milan, New York, Paris, Stockholm, Tokyo and Menlo Park, California. In September, the group sold over half its stake in German telecoms group Freenet for €177m.
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