Permira sells down Just Group stake

The shares represent 5.3% of the London-listed financial services company and leaves Permira with a remaining stake of 17.7%, which is now subject to a 60-day lock-up. Numis Securities acted as sole bookrunner for the placing.

The group was formed two years ago after Permira-backed Just Retirement acquired Cinven's Partnership Assurance, both of which were listed. Cinven and Permira sold a combined 10.2% in the business for £124m early last year. Cinven sold a further 10% of the company in September 2017 for £130m.

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.

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

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