Just Retirement targets £1bn+ market cap

Permira is to list between 5-10% of its 84% stake on the London Stock Exchange. According to the Financial Times, Just Retirement is likely to be priced at its midpoint of 225 pence, representing around 13 times its forecast 2014 operating earnings. Analysts are using Cinven's recently listed Partnership Assurance as a benchmark.

The IPO would mark a return to public life for Just retirement, as Permira delisted the company for £228m in November 2009.

Prior to its all-equity acquisition by Permira in 2009, the company had been listed on AIM by former private equity backers Langholm Capital. Langholm listed the retirement services group in December 2006, and it initially reached a market capitalisation of £581m. 

Established in 2004, Just Retirement provides financial services for retired people. The company received support from Langholm in its earliest days, securing £24.5m of investment from the private equity house in a deal worth a total of £60m.

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• Topics
• Exits
• UK / Ireland
• Permira
• Langholm Capital Partners LLP