Cinven sells 10% of Just Group for £130m

The placement consists of 93 million ordinary shares priced at 140 pence apiece, following which the vendor will hold a 5.5% stake in Just Group subject to a 90-day lock-up period.

The transaction will provide returns for Fourth Cinven Fund, a €6.5bn vehicle that held its final close in July 2006, and its related co-investment fund.

The partial divestment comes six months after Cinven and Permira sold down a combined 10.2% stake in the business (then known as JRP Group) for £124m. Following the previous sell-down, Permira retained a 23.2% holding in Just Group.

The deal also comes just two years after the group 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, Just Group 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.

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

People
Just Group – Rodney Cook (CEO).

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• Topics
• Exits
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• United Kingdom
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• Permira
• Sell-down