International private equity firm Cinven has become International Financial Group Limited’s (IFGL) majority investor after receiving regulatory approval.
The deal, which was announced last year, sees the PE firm succeed Vitruvian Partners as IFGL’s majority backer.
Isle of Man-headquartered IFGL owns the RL360, Friends Provident International and Ardan International brands.
David Kneeshaw, IFGL group chief executive, said: “Completing this deal means that IFGL is now ready to accelerate our ambitious plans for growth.
“Cinven have significant expertise in the financial services sector and share our vision for the future. Their financial backing means we are ideally-placed to expand significantly through both organic and new market growth and through further mergers and acquisition activity.”
In August 2022, IFGL agreed to acquire the international Sipp and Ssas administration Sovereign Pension Services (SPS).
Cinven has its own M&A plans as it recently raised €1.5bn (£1.32bn, €1.71bn) for life and wealth expansion.
