Aegon UK has agreed the sale of Positive Solutions to Intrinsic Financial Services Ltd, for an undisclosed sum, subject to approval from the FCA.
Once completed, Intrinsic will become the shareholder of Positive Solutions, whilst Aegon will acquire an equity stake in Intrinsic as part of the transaction.
The Positive Solutions brand will remain and its senior management team will continue to run the business.
The transaction is expected to close in Q3 2013.
Adrian Grace, CEO of Aegon UK, said: “Positive Solutions is a good business. Until now we have seen it as core to our strategy. However in a post-RDR world we intend to focus on our market leading platform, which is gaining traction at a remarkable rate, and on advancing digital solutions to better meet the savings and retirement needs of our customers in the workplace and those individuals approaching retirement.
“We wish Positive Solutions well within the new group and look forward to working with Partners of the enlarged entity going forward.
Richard Freeman, CEO of Intrinsic Financial Services, said: “Positive Solutions is a well-run business that delivered strong profits in 2012. We have been working closely with the senior management team at Positive Solutions for the past few months and it’s clear there is a natural cultural fit between our two businesses that bodes well for the future.
“The acquisition of Positive Solutions marks a genuine step change for the Intrinsic Group and a significant milestone in our journey. Combined, we will have over 3000 advisers and a joint turnover of almost £200m. That scale, together with the professionalism of advisers across both businesses, will enable us to rapidly accelerate our strategic plans for the Intrinsic Group.
Peter Coleman, CEO of Positive Solutions, added: “This sale to Intrinsic is excellent news for Positive Solutions, its Partners and its clients. My senior management team and I have worked immensely hard to resurrect the fortunes of Positive Solutions. Together with our Partners we have completed a remarkable financial turnaround and delivered on our promise to make our business safe and secure.
“Now with the backing of Intrinsic we will continue to implement our strategic plan: to improve the appeal of our proposition to benefit our customers and help our Partners make their businesses more profitable. We are entering an exciting new era in the success story of Positive Solutions.”