TA Associates sells off remaining Jupiter stake

The firm sold its remaining 10.6% stake in the company – equivalent to approximately 48.5 million shares – at a price of £4.06 per share.

At the time of Jupiter's listing on the London Stock Exchange in June 2010, TA held a stake of 22.3% in the company. This gradually decreased to 10.6% through the sale of a 3.3% stake in May 2011, a 5.7% stake in March last year and a 2.7% stake in August.

TA had acquired its stake in Jupiter as part of a management buyout in March 2007. The £740m deal saw Jupiter break away from its parent company Commerzbank following a dual-track process to dispose of the asset in the summer of the previous year. HSBC and RBS provided a senior debt facility for the MBO.

JP Morgan Securities acted as sole book-runner for the transaction. Jupiter trades on the LSE under the ticker symbol "JUP". Its market cap currently sits at £1.85bn.

Company
Founded in 2007, Jupiter is headquartered in London with additional offices located in Frankfurt, Munich, Zurich, Sweden, Singapore and Hong Kong.

The company employs 430 staff and recorded EBITDA of £151.5m in 2013 with a margin of 53%. It holds £31.7bn in assets under management. At the time of TA's investment in the company, Jupiter had £19.2bn in assets under management.

People
Edward Bonham Carter is currently the CEO of Jupiter but will be replaced by distribution and strategy director Maarten Slendebroek in mid-March. Bonham Carter became sole CEO at the time of the TA-backed MBO in 2007, having until then jointly held the role alongside Jonathan Carey.

Former TA managing director Michael Wilson, who is now an adviser for the firm, sat on Jupiter's board of directors.

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