Shearman & Sterling advised Electra Partners on the £325 million ($458 million) acquisition of Grainger Retirement Solutions together with Patron Capital.
Patron and Electra Partners will each invest £45 million. Board representation will be equal between Patron Capital and Electra Partners, and Patron Capital will be the operating partner.
Retirement Solutions, the home reversion equity release business of Grainger plc, is an originator, consolidator and servicer of home reversion equity release plans. The business has around 20 staff members and its current portfolio comprises over 3,500 properties.
Electra Partners is an independent private equity fund manager with over 25 years' experience in the mid-market. During the last 25 years, it has invested more than £4.5 billion in over 200 deals. As of September 30, 2015, the firm had funds under management of over £1.8 billion, including capital available for investment of nearly £350 million.
Patron Capital is a pan-European institutional investor focused on property-backed investments.
The Shearman & Sterling team advising on the transaction was led by partners Mark Soundy (London-M&A) and Sarah Priestley (London-Tax), who were supported by associate Matthew Kichenside (London-M&A).
Recently, Shearman & Sterling advised Electra Partners on its investments in Photobox Group (October 2015), Innovia Group (April 2014) and Hotter Shoes (January 2014).