Patron Capital and Electra to buy Grainger unit in £325M deal
January 05, 2016
Private equity firms Patron Capital and Electra have agreed to purchase Grainger Retirement Solutions, the equity release division of the publicly traded residential landlord Grainger (LON: GRI). Equity release schemes allow pensioners to access their home equity, such as through a reverse mortgage. The buyers will purchase the business through their jointly held entity Turbo Group Holdings for £175 million in cash and £150 million in secured debt transferred to the buyers.