CBPE Capital is poised to exit fund administration business JTC via an IPO.
JTC will begin trading on the London Stock Exchange tomorrow with an initial market cap of around £310m (€349.1m).
JTC is offering 52.4 per cent of its share capital through the listing. Selling shareholders including CBPE will receive £218.2m, while the company will receive £15.1m.
Last year the business reported turnover of £59.8m and Ebitda of £14.8m.
CBPE backed Jersey-based JTC in July 2012. It owns around 42 per cent of the company through its eighth fund.
JTC has pursued a buy-and-build strategy to increase its geographic presence, acquiring Kleinwort Benson’s fund administration business, Merrill Lynch Wealth Management’s international trust and wealth structuring business, and Signes, a Luxembourg-based accounting services group.
JTC is led by chief executive Nigel Le Quesne, who has been with the company for more than 25 years. It employs 550 people and has around $85bn of assets under administration.