Vitruvian Partners, a European growth buyout firm, will acquire RL360°, a financial services provider which was part of Royal London Group, for an undisclosed sum.
Financial details of the transaction were undisclosed.
RL360° was established in 2009 through the merger of Scottish Life International and Scottish Provident International. The company offers a range of offshore investment, savings and tax planning products and manages more than £2 billion.
“This is exactly the sort of investment we look for, a scalable services business addressing a global market opportunity,” Stephen Byrne, a partner at Vitruvian, said in a statement.
The investment comes from Vitruvian’s first fund, a €925 million, 2007-vintage. That vehicle was approximately 90 percent deployed following its investment in Inenco Group in July, PEI reported in July.
The investment comes as Vitruvian is wrapping up fundraising for its second fund, according to a source familiar with the matter. The firm, which came to market earlier this year targeting £800 million, is understood to be close to its target and nearing its final close.
Vitruvian declined to comment on fundraising.
The firm specialises in mid-market buyouts and growth capital investments in the UK and Northern Europe, typically targeting companies with an enterprise value of €50 million to €500 million.
Vitruvian tends to invest in faster moving, less capital intensive industries such as media, IT, telecoms, financial services, business services, healthcare and leisure, according to the firm’s website.