The investment will strengthen AIR group’s financial position and provide funding for a series of enhancements and new services, according to the firm’s management.
As part of the deal, Stuart Wilson (pictured) is to become chief executive officer of AIR group, from his previous role of group managing director.
However, it is largely “business as usual” for AIR group with existing management and staff supported by the Key Retirement Group, following the new interest in the company.
AIR group is the parent company of sourcing system AIR sourcing, adviser platform the Equity Release Club and, adviser training organisation the Later Life Academy.
The group reported turnover increased by 49% in 2017, with a 140% increase in the number of registered AIR Sourcing users.
Key Retirement’s funding will in part provide support the next version of AIR Sourcing.
In an exclusive interview with Mortgage Solutions, Wilson said the investment will mean the group can develop separate functions for IT support, marketing, and recruit more staff.
Positioning for growth
The deal marks the next growth phase for AIR Group and will help enhance its position as a premier later life proposition for advisers, according to Wilson.
He added: “The investment from KR Group is a ringing endorsement of what we have already achieved providing us with new investment and expertise in order to develop and enhance our range of services.
“Part of the appeal of this deal was the commitment from KR Group to allow us to get on with what we’ve been doing, keeping everything and everyone in situ to carry on with our plans.
“We believe we offer one of the best value propositions in the marketplace, and with greater levels of resource and this financial backing, we’ll be able to deliver even better value and outcomes for our adviser members.
“It’s an incredibly exciting time for the group and this deal endorses everything that we are doing while providing the support to accelerate the roll-out of our planned enhancements, particularly for AIR Sourcing.”
Key Retirement Group includes brands Key Retirement, Key Partnerships, and more 2 life.
Simon Thompson, chief executive of the retirement firm, added: “KR Group are pleased to be supporting Stuart Wilson and his ambitious growth plans for Later Life Academy, Air Sourcing and the Equity Release Club.
“While we are ourselves growing adviser numbers at considerable pace, the group is keen to help support the growth of advisers in the wider marketplace.
“This investment will help Stuart and the team to deliver their vision through further development and resourcing of its already well-established businesses.”