Key Retirement Group is to be sold in a deal worth £208 million.

Parent company Phoenix Equity Partners, a UK middle-market private equity firm, announced that it has agreed the sale to funds managed and/or advised by Partners Group, a global private markets investment manager.

KRG employs 365 people in Preston, Lancashire.

Sandy Muirhead, Partner at Phoenix, said: “We are delighted with the strong growth that KRG has achieved during our ownership period, and with the excellent return we have generated for our LPs on this investment. It has been a privilege to work with KRG’s outstanding management team, and we wish them, and the business, continued success with their new partners.”

Simon Thompson, Deputy CEO of KRG, said: “We would like to thank the Phoenix team for their strong support for our business. They have been outstanding partners, adding significant strategic insight and helping us through a major operational investment programme. Our group was transformed during their ownership and we look forward to continued growth alongside Partners Group.”

Completion of the transaction remains subject to clearance by regulatory authorities.