CBPE floats JTC in £310m IPO

UPDATE 14/03/18: following JTC's admission on the main market of the London Stock Exchange on 14 March, CBPE realised its investment in JTC in full, generating a return of 4.4x invested capital and an IRR of 33.4%.

The share price at listing was 290 pence apiece, equating to a market capitalisation of £310m and an enterprise value of £338m.

The listing comprises £15.1m raised by the company through the sale of new shares. These proceeds, together with funds available under a new debt facility, will be used to repay the company's existing debt facility. According to the company, the balance of the funds raised will be used for general working capital and wider corporate purposes.

JTC's shareholders, including CBPE, company directors and senior management, have raised net proceeds of approximately £218.2m through the sale of existing shares.

The new funding raised in the IPO will be used by the company to deliver future growth, both organically and through targeted acquisitions.

Following admission and commencement of dealings, set to take place on 14 March 2018 on LSE's premium segment, 52.4% of company shares will be in free float.

CBPE acquired a minority stake in JTC for an undisclosed amount in June 2012, deploying capital from its CBPE Capital Fund VIII.

Company
Founded in 1987 and headquartered in Jersey, JTC is a provider of corporate, private wealth, employee benefit and fund administration services. The company employs 550 people globally and has assets under administration of around $85bn. In 2017, JTC generated an EBITDA of £14.8m from revenues of £59.8m.

People
JTC – Nigel Le Quesne (CEO).
CBPE Capital – Ben Lewis (investment manager).

Advisers
Company – Zeus Capital (financial adviser, broker, joint global co-ordinator, bookrunner); Numis Securities (joint global co-ordinator, bookrunner).

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