Vitruvian backs RL360 carve-out

Ellie Pullen
15 November 2013

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Vitruvian Partners has backed the management buyout of Royal London 360 (RL360) to allow the subsidiary to split from its parent company Royal London Group (RLG).

Vitruvian is currently investing from its maiden fund, Vitruvian Investment Partnership, which closed on €925m in February 2008. The firm invests in the mid-market of Northern Europe, providing anywhere from €15-150m in companies with an enterprise value in the range of €50-500m.

The deal will see RL360 spin out from its parent firm RLG, a UK-based mutual life and pensions company. The company has been officially renamed RL360.

RL360's management team will remain the same and was led in the buyout by CEO David Kneeshaw. The company's workforce will not be downsized following the transaction.

Company
Headquartered in the Isle of Man, RL360 was founded in 2009 following the merger of Scottish Life International and Scottish Provident International. The company has additional offices in Hong Kong, Lebanon and Dubai, and employs 200 staff.

RL360 provides offshore investment, savings and tax planning solutions to international clients. The company has approximately £2.2bn in assets under administration.

People
David Kneeshaw is the CEO of RL360, while Phil Loney is the CEO of RLG. Stephen Byrne is a partner at Vitruvian.

Advisers
Equity - Wyvern Partners (Corporate finance); Canaccord Genuity (Debt advisory); KPMG (Financial due diligence); NMG Group (Commercial due diligence); Dickson Minto (Legal).
Vendor – KPMG (Corporate finance); Slaughter & May (Legal).