European private equity firm Permira has acquired a financial services firm devoted to retirement preparedness, Just Retirement, for $374 million. This marks Permira’s first financial services investment since setting up a sector team devoted to the industry last year.
One of Just Retirement’s unusual offerings is an “enhanced retirement annuity” that takes into account the specific health and lifestyle circumstances of a retirement customer in order to offer better rates than traditional annuity providers. It also offers a U.K. version of a reverse mortgage called an “equity release solution.”
James Fraser, head of the financial services team at Permira, said, “Just Retirement is a very innovative financial services firm with market leading positions in the fast growing specialist retirement market. The company provides competitive retirement solutions at a time when they are crucially needed, and we are delighted to be able to back this award-winning business in this exciting growth phase.”