Cinven acquires Vitruvian-backed International Financial Group

Financial details were not disclosed.

Cinven will support the company's growth strategy through M&A, new market growth and organic growth, according to a press release.

Vitruvian had backed IFG for eight and a half years. Sky News reported in November 2021 that the GP had hired Evercore to advise on IFG's sale. The article cited several sources who placed the valuation at around GBP 400m-500m. The GP confirmed that this deal marks a full exit for Vitruvian. 

IFG was created in October 2013 in order to house the management buyout of RL360, a bonds and life insurance provider, from Royal London Group. The group also houses Ardan International, an investment platform, and Friends Provident International, a life assurance provider.

IFG marks the third investment from Cinven's long-term financial-services-focused strategy, according to a press release. Cinven's eighth fund was expected to start collecting commitments in 2021 with a USD 12bn target, according to Unquote Data.

Cinven is currently investing through its Seventh Cinven Fund. The vehicle was registered in November 2018 and held a final close in May 2019 on EUR 10bn. It focuses on buyout opportunities in Europe as well as in North America in six sectors, including consumer, business services, financial services, industrials, TMT and healthcare. The fund aims to make around 10-12 investments and deploy equity tickets of at least EUR 200m. The GP traditionally supports businesses that foster a buy-and-build strategy, according to Unquote Data. 

The deal is part of Cinven's strategy to focus on long-term financial services investments in Europe, according to a press release. Similar investments cited by the GP include insurance companies Compre, Miller and Viridium.

Cinven declined to comment at the time of publication.

Company
IFG is headquartered on the Isle of Man and employs 570 people. It is an international investment firm that supports entrepreneurs and companies by providing investments, protection and saving services. The company has six offices globally. According to the company's website, it administers assets of GBP 18bn across 215,000 policies.

People
International Financial Group – David Kneeshaw (CEO).
Cinven – Luigi Sbrozzi (partner).

Advisers
Equity – Fenchurch Advisory Partners (corporate finance).

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• Topics
• Buyouts
• Exits
• UK / Ireland
• Financials
• United Kingdom
• Cinven
• Vitruvian Partners
• Secondary buyout