Key Retirement’s owner Phoenix Equity Partners has agreed to sell the group to global investment manager Partners Group for £208m.
Phoenix, which is a private equity firm, made its first investment in Key in 2013 and has since invested in systems, technology and staff, with Key Retirement now employing 365 people in Preston.
The deal is subject to regulatory approval.
Simon Thompson, deputy chief executive of KRG, said: “We would like to thank the Phoenix team for their strong support for our business.
“They have been outstanding partners, adding significant strategic insight and helping us through a major operational investment programme.
“Our group was transformed during their ownership and we look forward to continued growth alongside Partners Group.”
Phoenix said Key’s profits have risen threefold and the sale will give a 4.5 times return on its investment cost.
Sandy Muirhead, partner at Phoenix, said: “We are delighted with the strong growth that KRG has achieved during our ownership period, and with the excellent return we have generated for our LPs on this investment.
“It has been a privilege to work with KRG’s outstanding management team, and we wish them, and the business, continued success with their new partners.”