Permira sells remaining Just Group shares

The GP sold an aggregate of 166,057,001 ordinary shares in Just Group at 143 pence per share.

The final sell-down follows Permira's share sale in January, in which the investor sold shares worth £78.5m, representing 5.3% of the financial services firm.

Just Group was formed 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 in 2017. Cinven sold a further 10% of the company in September 2017 for £130m.

Barclays Bank and Numis Securities acted as joint bookrunners for the latest placing.

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.

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.

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 £155m in 2017, according to publicly available records, with total revenues of £2.97bn.

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
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• Sell-down