Patron Capital and Electra Partners are jointly buying Grainger Retirement Solutions for 拢325m (鈧�441m).
The joint venture between the institutional investor and private equity manager will take over the home reversion equity-release business of Grainger.
Retirement Solutions, which originates, consolidates and services home reversion equity-release plans, has around 20 staff.
Its current portfolio includes 3,500 properties.
Completion of the deal will see Patron and Electra each invest 拢45m, with equal board representation.
Patron Capital will be the operating partner.
Keith Breslauer, managing director at Patron Capital, said: 鈥淎s property companies increasingly look to focus on pure development activity, we are taking advantage of the significant opportunity to acquire finance-related businesses and portfolios.鈥�
Breslauer said the deal, which follows acquisitions of shared equity mortgage portfolios from Galliford Try and Keepmoat earlier this year, provides the company with 鈥渁 strong business that has an extensive portfolio and attractive exposure to the UK residential property market, particularly given the ageing population鈥�.
Alex Fortescue, chief investment partner at Electra Partners, said the investment was a 鈥渟trong fit鈥� with the company鈥檚 long-term capital.
