Media centre

All Group media enquiries should be directed to
Vanessa Maydon, Corporate Affairs Director.

Cinven Partners LLP
Warwick Court
Paternoster Square
London EC4M 7AG

Tel: +44 (0)20 7661 3325
Mob: +44 (0)7802 961 902
Email: Vanessa Maydon

Press releases

Guardian Financial Services
16 August 2011

Cinven to acquire Guardian Financial Services from AEGON

European private equity firm, Cinven, today announces that it has reached an agreement to acquire Guardian Financial Services ("Guardian" or "the Company"), the UK provider of life and pension products, from AEGON for an enterprise value of £275 million.

Guardian, established in 1821, is the collective trading name for Guardian Assurance plc, Guardian Linked Life Assurance Ltd and Guardian Pensions Management Ltd. Based in Lytham St Annes, Lancashire, Guardian has over 300,000 policies, approximately 170 employees and has been closed to new business for ten years. The Company is a wholly-owned subsidiary of AEGON, the international life insurance, pension and asset management company based in The Hague, Netherlands.

The acquisition of Guardian provides Cinven with an attractive entry point into the UK closed life market and a strong platform from which to execute a consolidation strategy for the sector. The fragmented nature of the life insurance market coupled with the ongoing pressure that the industry is facing is set to drive continued consolidation in the market. This is likely to be further enhanced by banking institutions looking to exit insurance assets and overseas insurers seeking to recycle capital. Through the acquisition of Guardian, Cinven is well placed to participate in this ongoing consolidation.  

Closed life books represent attractive investment opportunities as they enjoy highly visible and robust long term cash flows, limited downside risks and attractive returns on equity. By further de-risking these books and implementing actuarial, operational and financial initiatives, Cinven can generate improved returns on capital and create value for both policyholders and shareholders. Through continued consolidation of books, incremental value can be achieved through operational and capital synergies.

Commenting on today's announcement, Caspar Berendsen, a Partner at Cinven, said:

"Cinven's Financial Services team has invested considerable time into developing its strategy for the closed life market and believes it represents an excellent investment opportunity with attractive returns. Guardian is an ideal entry point for us into the market and provides us with a strong platform from which to deploy further capital to create a leading closed life consolidator."

This is the third Financial Services investment originated by Cinven in its current fund, the first two being Partnership Assurance, the leading provider of enhanced annuities to UK retirees, and Avolon, a leading provider of aircraft lease finance.

The transaction is expected to close in the fourth quarter of 2011 and is subject to regulatory approval. Third party debt financing was provided by Lloyds TSB.

Portfolio company videos

 Clinical Trials

Bioclinica

Clinical Trials

 Travel services provider

Hotelbeds Group

Travel services provider

 Truck component manufacturer

Jost

Truck component manufacturer

 Footwear and accessories retailer

Kurt Geiger

Footwear and accessories retailer

 Contract research organisation

Medpace

Contract research organisation

 Electronic security and alarm systems

Pronet

Electronic security and alarm systems

 Property valuation and advisory services

Tinsa

Property valuation and advisory services

 Ufinet is a neutral telecom operator.

Ufinet

Ufinet is a neutral telecom operator.

 Business services software

Visma

Business services software

Media contacts

Cinven

Vanessa Maydon
Corporate Affairs Director
Tel : +44 (0)20 7661 3325
Mob : +44 (0)7802 961 902
Email : Vanessa Maydon

Clare Bradshaw
Communications Manager
Tel : +44 (0)20 7667 3248
Mob : +44 (0)7881 918 967
Email : Clare Bradshaw

UK - FTI Consulting

Edward Bridges
Tel : +44 (0)20 7269 7147
Mob : +44 (0)7768 216 607
Email : Edward Bridges

Stephanie Ellis
Tel : +44 (0)20 3727 1173
Mob : +44 (0)7890 543 056
Email : Stephanie Ellis

France โ€“ FTI Consulting

Guillaume Granier
Tel : +33 (0)1 47 03 68 61
Mob : +33 (0)6 32 65 79 28
Email : Guillaume Granier

Caroline Guilhaume
Tel : +33 (0)1 47 03 68 17
Mob : +33 (0)6 38 91 88 51
Email : Caroline Guilhaume

Germany - FTI Consulting

Lutz Golsch
Tel : +49 (0)69 920 37 110
Mob : +49 (0)173 651 7710
Email : Lutz Golsch

Daniel Herbert
Tel : +49 (0)69 920 37 183
Mob : +49 (0)151 122 63834
Email : Daniel Herbert

US - Joele Frank

Jonathan Keehner
Tel : +1 212.355.4449
Mob : +1 917 589 2073
Email : Jonathan Keehner

Julie Oakes
Tel : +1 212.355.4449
Mob : +1 917 574 7263
Email : Julie Oakes

Spain โ€“ Groupo Albion

Alejandra Moore Mayorga
Tel : +34 91 531 23 88
Email : Alejandra Moore Mayorga

Sofia Garcia
Tel : +34 91 531 23 88

Italy โ€“ Community Group

Roberto Patriarca
Tel : +39 02 89 40 42 31
Mob : +39 335 65 09 568
Email : Roberto Patriarca

Marco Pedrazzini
Tel : +39 02 89 83 66 21
Mob : +39 347 0369 222
Email : Marco Pedrazzini