Gary Burke, founder of Home & Legacy, has raised £20m after selling a stake in the business to Sand Aire Private Equity, according to reports.
Burke will maintain majority control after the deal, and, according to the report, will reinvest a large portion of the money in the company. Operations director Simon Lloyd and finance director John Callant both have stakes in the vehicle created for the fundraising.
Giles Derry of Sand Aire said that tying up affinity deals was one opportunity for expansion, according to the report.
Home & Legacy caters for high net-worth individuals. Clients for the individually created insurance policies are said to include celebrities and company directors.
Sand Aire specialises in investing in family-controlled or tightly held businesses.
