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MGM Advantage buys equity release provider Stonehaven

by: IFAonline
  • 13/01/2014
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MGM Advantage buys equity release provider Stonehaven
Equity release specialist Stonehaven has been bought out by annuity provider MGM Advantage.

It will operate as a wholly owned subsidiary and retain its brand. Stonehaven, set up in 2005, will continue to focus on the lifetime mortgage market sold through advisers.

Stonehaven will also continue to develop its third-party servicing business, through its subsidiary Onyx.

Stonehaven chairman Jayne Almond said: “We have always enjoyed a strong relationship with MGM Advantage, sharing the same long-term ambitions and company values. This deal secures long-term funding which will allow us to develop more rapidly.

“There is a growing consumer need for innovative and competitive solutions to solve the issues many people in later life face. Joining forces with the group at this exciting time allows us to fully unlock the potential in the business, securing the capital to help us provide solutions to meet consumer needs.”

Chris Evans, group chief executive, MGM Advantage, said: “The acquisition of Stonehaven provides a strong platform for us to develop and grow the retirement market.

“By sharing expertise and ideas across the group, we can leverage opportunities and help Stonehaven grow sales and become a significant provider of equity release.”

The acquisition is subject to regulatory approval, with the deal expected to complete in spring 2014.

On completion, Jayne Almond will join the board of MGM Advantage group as a non-executive director. Georgina Smith, managing director, will continue to manage operations, reporting into Evans.

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