Liverpool Victoria Financial Services Limited (LV=) has agreed to be acquired by Bain Capital, a global private investment firm for £530m, subject to regulatory and member approval.
the purchase of the savings, retirement and protection group is expected to complete by the end of 2021.
Alan Cook, chairman of LV=, said: “As a newly standalone life and pensions business in an increasingly competitive market, the board recognised that LV= required significant long-term investment to be sustainable. This transaction is the culmination of an extremely thorough and robust strategic review – followed by a structured sale process to secure the best long-term future for our members, employees, other stakeholders and the business.
“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. We look forward to engaging fully with our members in advance of a member vote in the first half of 2021.”
Matt Popoli, global head of insurance, Bain Capital Credit, added: “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. We have been impressed by LV=’s initiatives to further improve its market position, the benefits of which are already emerging.
“Our principles and values are in direct alignment with those of LV= and we firmly believe in a shared vision for the future of the business. We look forward to working collaboratively to achieve these shared goals, which include delivering profitable growth, while preserving LV=’s strong financial position, independence and rich heritage dating back to 1843.”