Patron Capital has bought additional stakes in Retirement Bridge Group and UK housebuilder Cala from Electra Private Equity for £94m.
Electra was a minority investor in Cala when Patron and Legal & General bought the business from Lloyds Banking Group in 2013.
It was also a 50:50 joint venture partner with Patron when the pair bought Retirement Bridge Group, Grainger’s equity release division, for £325m last year.
Patron now wholly owns the Retirement Bridge Group.
The investor also bought Lone Star’s Sovereign Reversions, which has 700 UK equity release assets, as an addition to the Retirement Bridge Group purchase. The two deals bring Patron’s total equity release portfolio to 4,100 assets.
Keith Breslauer, managing director of Patron Capital, said: “This was a welcome opportunity to increase our stake in two highly successful investments that are performing ahead of expectations.
“Our purchase of Sovereign Reversions is in line with our business plan to grow Retirement Bridge Group through add-on acquisitions and new originations. We have created a strong and scalable platform and Sovereign will be highly complementary to the existing portfolio.”
To send feedback, e-mail karl.tomusk@egi.co.uk or tweet @ktomusk or @estatesgazette
