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 ...
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