JC Flowers sells 8% stake in OneSavings for £80m

The GP placed a further 19 million shares at 416 pence apiece, with the price increasing from 390 pence at the time of JC Flowers' 10% sell-down in January 2018.

In addition, a number of shares (equating to approximately 10% of the offering) were sold to investors in JC Flowers' funds. These are separate and in addition to the shares sold in the bookbuild.

JC Flowers also 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.

Jefferies acted as global coordinator and bookrunner in the latest transaction, with Goodbody Stockbrokers acting as placing agent and Rothschild & Sons acting as financial adviser to the GP.

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 further 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 £167.7m in 2017.

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• Topics
• Exits
• UK / Ireland
• Financials
• United Kingdom
• JC Flowers
• Partial sale