Key Retirement Group has been acquired by Partners Group for £208m after getting regulatory approval.
After the move Key Retirement’s chief executive Colin Taylor has retired after 20 years at the helm, with Simon Thompson, formerly deputy CEO, taking his place.
Key Retirement Group will focus on expanding its distribution, broadening its product portfolio and driving product innovation.
Thompson said: “Colin’s drive and ambition have been crucial in making Key Retirement Group the success that it is and we wish him well on his well-deserved retirement.
“We are very pleased to finalise the deal with Partners Group and look forward to starting work with them as our new owner building on the significant growth achieved over the last few years with Phoenix who were outstanding partners.”
Key Retirement, which has its head office in Preston, employs more than 380 people in the UK.