Millfield has sold its stake in Lifetime Group for £9m to Norwich Union (NU), increasing the provider's majority stake in the firm from 71.3% to 97.4%.
NU’s further investment in the company brings its total investment to £32 million. The remaining 2.6% of the shares are owned by some of the staff and founders of Lifetime.
David Barral, distribution director at Norwich Union, says: “This additional investment further reinforces our commitment to establishing Lifetime as a leader in the developing wrap market place. Lifetime has already secured a number of important distribution deals and we believe this announcement will be welcomed by other potential distributors.”
Lifetime Group was formed in 2002 and launched into the wrap market in April 2005 with a major distribution arrangement with Millfield. It has since added a further distribution agreement with Tenet Group and a number of other distributors.
If you have any comments you would like to add to this story or would like to speak to its author about a similar subject, telephone Matthew West on 020 7484 9893 or email [email protected].IFAonline
Putting the tech into protection
Square Mile’s series of informal interviews
Fallout from Haywood suspension
Launching later in 2019
£80bn funds under calculation