Liverpool Victoria Financial Services (LV=) has reached an agreement to sell itself to private investment firm Bain Capital for £530 million.
The acquisition is expected to be completed by the end of 2021 and is subject to the conclusion of the legal process.
Alan Cook, Chairman of LV= said its board recognised that the company required significant long-term investment to be sustainable and that this transaction is the culmination of an extremely thorough and robust strategic review.
“The board is delighted to have secured an attractive price and unanimously agreed that the transaction with Bain Capital presents an excellent financial outcome for all our members, as well as offering an unrivalled commitment to LV=’s future prospects, business and people,” said Cook.
Mark Hartigan, CEO of LV= added, “The partnership with Bain Capital recognises the opportunity to further invest to develop LV= at a time when it is well positioned, growing market share, expanding its products and trading resiliently, despite the pandemic.
“While our corporate structure will change, our culture and values remain the same. The Board is excited by the opportunities it creates for our people, partners and customers – enabling the LV= brand and business to further develop as a major force in the UK life insurance market.”
Matt Popoli, Global Head of Insurance, Bain Capital Credit, commented, “We are delighted by the opportunity to provide long-term support to LV=’s Board of directors and management team on this transaction, which delivers certainty and value to LV=’s members.
“We are investing in a unique company with an impressive management team and employee base, that is already well positioned in the market, with a clearly established product set, strong IFA relationships and a reputation for customer excellence.”
