Cinven and Permira sell 10.2% of JRP for £124m

Permira sold 57 million ordinary shares priced at 130 pence apiece, while Cinven sold 38 million.

The sale will provide returns for Fourth Cinven Fund, its related co-investment vehicle and Permira IV Fund.

Following the process, Cinven will hold a 15.5% stake in JRP, while Permira will retain a 23.2% holding.

The sale comes 17 months after JRP was formed via Permira-backed Just Retirement's £669m acquisition of Cinven's Partnership Assurance. Both companies were listed at the time of the transaction.

Just Retirement was valued at £1.1bn in its IPO in November 2013, while Partnership Assurance listed in June 2013 with a valuation of £1.5bn.

Barclays and Numis Securities acted as joint bookrunners in the latest placement.

Previous funding
Partnership Assurance was bought by Cinven from Phoenix Equity for around £150m in June 2008.

Just Retirement was delisted by Permira for £225m in 2009.

Company
Founded as Just Retirement in 2004 and headquartered in Reigate, Surrey, JRP provides financial services for pensioners. The business generated adjusted operating profits of £164m in 2016, according to publicly available records, with total revenues of £3.7bn.

JRP has a headcount of 1,190, with brands including Just Retirement, Just Retirement South Africa, Just, Partnership and Tomas.

People
JRP Group – Rodney Cook (CEO).

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• Topics
• Exits
• UK / Ireland
• Financials
• United Kingdom
• Cinven
• Permira
• Partial sale