Private equity group Permira Advisers has bought fund services group JTC for £2.7bn in a deal that sees JTC de-list from the London Stock Exchange.
Jersey-based JTC will continue to operate under its existing name and brand, led by CEO Nigel Le Quesne and the JTC management team.
Le Quesne said the completion of the deal “marks an important milestone for JTC” as it looks to double the size of the group through its “Genesis era” business plan.
“We will do this by combining the best people with the best technology to deliver service excellence to all our clients across a secure, efficient and scalable global platform,” he said.
“We already have a proven track record of delivering sustained growth through a combination of entrepreneurial organic expansion and disciplined acquisitions.
Le Quesne that JTC plans to continue on the acquisition trail with Permira’s backing, with a focus on North America and Europe.
“The long-term opportunity in the US is particularly exciting,” he said. “We see significant potential to continue building our leadership position in trust services and to expand our fund, corporate and employer solutions businesses as demand continues to grow.
Robin Bell-Jones, partner, services, head of London at Permira, said: “JTC is well positioned to benefit from powerful structural tailwinds, including the growth in global demand for alternatives and in the US the largest intergenerational transfer of wealth in history.
“This, combined with JTC’s leading proposition, exceptional management, shared ownership culture and access to long-term capital, creates an outstanding opportunity to build one of the world’s leading fund administration, corporate and trust services platforms.”
