JC Flowers sells PIC stake to Adia

The sale ended a 12-year holding period for JC Flowers, which was one of the founding investors in the business.

CVC Capital Partners acquired a 10-20% stake in PIC at an enterprise value of around £2bn in February 2017. The GP drew equity from its $4.4bn Strategic Opportunities Fund to back the transaction.

Adia is not an LP in the CVC fund that is also invested in PIC, but does have a private equity fund investment programme, through which it has backed European managers including Equistone, EQT and Ardian, according to Unquote Data.

The LP's principal investment arm, Adia PED, makes direct investments in companies in the financial services, healthcare, industrials, technology and consumer products sectors.

Adia will be the second-largest shareholder in the group after the transaction, behind Swiss fund Reiner with a 43.5% holding.

Company
PIC was founded in 2006 and is headquartered in London. The group is an insurance company set up to acquire closed company pension funds. At year-end 2017, PIC had insured 151,600 pension scheme members and had £25.7bn in financial investments. It generated a pre-tax profit of £391m in 2017.

People
Abu Dhabi Investment Authority Private Equities Department – Hamad Shahwan Aldhaheri (executive director).
JC Flowers – Tim Hanford (managing director).
Pension Insurance Corporation Group – Tracy Blackwell (CEO).

Advisers
Acquirer – Credit Suisse (corporate finance); EY (financial due diligence); Oliver Wyman (commercial due diligence); Allen & Overy (legal).
Vendor – Evercore (corporate finance); Paul Weiss Rifkind Wharton & Garrison (legal).

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