Private equity firm takes £35m stake in Key Retirement Solutions

KRS is an independent distributor of equity release loans and a top ten distributor of annuities. It also provides estate planning services, while its subsidiary More2Life is a growing equity release lender. The deal includes £2m of cash held on balance sheet, from Cabot Square Capital. Completion of the deal remains subject to regulatory approval. In the year to 31 December 2012, KRS generated EBITDA of £5.2m, and employs 240 people. Phoenix said KRS's existing management team would remain in place, led by chief executive Colin Taylor. It said the management team is investing a...