
JC Flowers continues OneSavings sell-down
US-based private equity firm JC Flowers has sold a further 10% stake in UK-listed specialist lender OneSavings Bank for £95m.
The GP placed a further 24.3 million shares at 390 pence apiece, reaping gross proceeds of approximately £95m. This represents a stake of approximately 10%.
In addition, a number of shares (equating to approximately 9% of the offering) were sold to investors in JC Flowers' funds. These are separate to the 24 million shares sold in the bookbuild.
Citi and Credit Suisse were acting as joint global coordinators and joint bookrunners in the transaction, and NM Rothschild & Sons advised JC Flowers.
The GP made a number of sell-downs throughout 2017. In October, it sold an 8% stake for £75m with shares valued at 375 pence apiece. The divestment came six months after JC Flowers sold a 10% stake in the bank for approximately £96m and four months after it sold a further 10% stake for approximately £110m.
Previous funding
JC Flowers first invested in OneSavings by acquiring a 49% stake in Kent Reliance Building Society (KRBS) for £50m in July 2010. It launched the OneSavings platform in February 2011 and has since added the InterBay Commercial, Prestige Finance, Jersey Home Loans, Guernsey Home Loans, Reliance Property Loans, OSB India and Heritable Development Finance brands.
OneSavings listed on the London stock exchange with a market cap of £413m in June 2014. Prior to the flotation, JC Flowers owned 90% of the group. The following May, the firm sold down a 6.5% stake, leaving it with a 50.1% stake in the company.
Company
Founded in 2011 following the recapitalisation of KRBS, and headquartered in Chatham, Kent, OneSavings is a specialist lender and retail savings business. It offers residential, buy-to-let and commercial mortgages, secured loans and development finance. The business generated a pre-tax profit of £137m in 2016.
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