The Royal London Group has entered in to an agreement with funds advised by independent private equity firm Vitruvian Partners to support a management-led buyout of Royal London 360° and its subsidiaries for an undisclosed sum.
It has been announced there will be no job losses as a result of the sale
The RL360° executive management team, led by chief executive David Kneeshaw, will remain unchanged.
Following completion, the company will be re-branded RL360°.
Mr Kneeshaw said: ‘The entire management team at RL360° are extremely excited that RLG has agreed to our proposals for a management-led buyout, backed by Vitruvian.
‘We have built a strong business since we merged in 2009 with clear strategic direction, a compelling product range and a service-driven team on the Isle of Man and around the world to support our customers and distributors.
Read more in Business News in Monday’s Examiner.
