Cinven becomes new IFGL majority investor

Cinven has become International Financial Group Limited (IFGL's) majority investor. 

The deal, which was announced last year and sees the international private equity firm succeed Vitruvian Partners, has now received regulatory approval. 

In a statement, IFGL said Cinven has a strong track-record of investing in companies who want to step-change their growth.

IFGL's group chief executive David Kneeshaw (pictured) said: "Completing this deal means that IFGL is now ready to accelerate our ambitious plans for growth. Cinven have significant expertise in the financial services sector and share our vision for the future.

"Their financial backing means we are ideally-placed to expand significantly through both organic and new market growth and through further mergers and acquisition activity."

IFGL owns the RL360, Friends Provident International Limited and Ardan International brands.