J.C. Flowers & Co. is an American private equity investment firm, focused on investments in the financial services sector. The firm, founded in 2001,[2] is based in New York City and run by billionaire[3] J. Christopher Flowers, a former Goldman Sachs partner.[4] As of 2017, the firm had invested more than $15 billion in capital.[5]
 | |
| Company type | Private |
|---|---|
| Industry | Private equity, Financial services |
| Founded | 2001 |
| Founder | J. Christopher Flowers |
| Headquarters | New York, New York, United States |
| Products | Leveraged buyout, Growth capital |
| AUM |  US$5.4 billion[1] |
| Total assets | $7.9 billion |
| Divisions | J.C. Flowers I L.P. and J.C. Flowers II L.P. |
| Website | jcfco.com |
JC Flowers manages two private equity funds, J.C. Flowers I LP, closed in 2002 with $900 million of committed capital, and J.C. Flowers II LP, closed in 2006 with $7.0 billion of committed capital. Both funds are focused exclusively on the financial services sector. JC Flowers in Europe is led by its managing director, David Morgan.[6]
Investments
editJC Flowers' most notable investments include such financial services companies as:
- Chi-X Australia along with Chi-X Japan and Chi-Tech Hong Kong
- Enstar Group
- Shinsei Bank
- NIBC Bank N.V.
- Hypo Real Estate Group (Germany) (formerly 24.9%)
- First Bank (Romania) (76.1%)
- HSH Nordbank (Germany) (26.6%)
- Fox-Pitt Kelton Cochran Caronia Waller
- Equita Sim (Italy) (50.01%)
- Eurovita (Italy) (78.19%)
- MF Global (US) (6.8%)
- One Savings Bank (UK) - Specialist Mortgage Lender
Other notable activity
editJC Flowers has also been active in a number of high-profile contemplated transactions that did not occur. In mid-2007, an investor group led by JC Flowers signed an agreement to purchase Sallie Mae for approximately $25 billion (USD), giving JC Flowers and Friedman Fleischer & Lowe 50.2 percent of the company. This deal fell through, however.[7] In late 2007, JC Flowers was one of the many companies bidding for the troubled British Bank, Northern Rock.[8] They pulled out of the bidding in December.[9]
On January 21, 2008, JC Flowers made an informal bid of £4bn for Friends Provident.[10] A revised bid of £3.5 billion was rejected.[11] On March 14, 2008, JC Flowers was reported to be in talks to buy troubled US investment bank Bear Stearns.[12] On April 16, 2008, JC Flowers issued an offer to buy 24.9% of the shares of Hypo Real Estate Group at a price of €22.50 per share.[13] At the end of 2006, JC Flowers purchased a company called PanEuroLife in Luxembourg and started to build the NewPELGroup.[14]
In July 2010 JC Flowers announced its intention to purchase a stake in the UK's Kent Reliance Building Society[15] and this deal was completed on 1 February 2011 with the formation of OneSavings Bank Plc.
In December 2012 JC Flowers was reported to have submitted a non-binding first-round bid for the 316 branches being re-auctioned by The Royal Bank of Scotland Group.[16] In July 2013, JC Flowers agreed to buy £450 million of loans belonging to struggling British bank Northern Rock.[17]
In October 2016, JC Flowers aided the acquisition of retail stockbroker TD Direct Investing Europe by a smaller rival Interactive Investor to create the United Kingdom's second-biggest online fund supermarket.[18]
In May 2017, JC Flowers completed the acquisition of the insurance company UK General for an undisclosed sum.[19]
References
edit- ^ "J.C. Flowers & Co. LLC (New York)". Wallmine. Retrieved August 15, 2024.
- ^ "JC Flowers profile". BusinessWeek. Archived from the original on October 12, 2007. Retrieved 2008-04-16.
- ^ "Billionaire list - J Christopher Flowers". Forbes. 2007-10-07. Retrieved 2008-04-16.
- ^ "J. Christopher Flowers". Forbes. Retrieved 2017-07-14.
- ^ "Private Investment Firm, J.C. Flowers, Acquires UK General". Insurance Journal. 2017-05-25. Retrieved 2017-07-14.
- ^ "JC Flowers hires financial heavyweights". Financial Times. 2009-11-24. Retrieved 2010-05-28.
- ^ "Jobs lost at Sallie Mae, J.C. Penney". Times Leader. 2008-01-18. Archived from the original on 2009-02-21. Retrieved 2008-04-16.
- ^ Conway, Edmund; Hotten, Russell (2007-10-26). "JC Flowers reveals Northern Rock bid team". London: The Daily Telegraph. Archived from the original on October 29, 2007. Retrieved 2008-04-16.
- ^ Slater, Steve (2007-12-07). "JC Flowers seen exiting N. Rock race". Reuters. Archived from the original on December 13, 2007. Retrieved 2008-04-16.
- ^ Seib, Christine (2008-01-21). "JC Flowers in £4bn bid for troubled Friends Provident". The Times. London. Archived from the original on May 14, 2009. Retrieved 2008-04-16.
- ^ Hosking, Patrick (2008-03-31). "Friends Prov rejects new £3.5bn Flowers offer". The Times. London. Archived from the original on May 14, 2009. Retrieved 2008-04-16.
- ^ "Bear Stearns Weekend Talks Reveal 2 Key Contenders". CNBC. 2008-03-14. Retrieved 2008-04-16.
- ^ "A group of investors coordinated by J.C. Flowers intends to submit a public offer to purchase around 24.9% of the shares of Hypo Real Estate Holding AG" (PDF). 2008-04-16. Archived from the original (PDF) on 2008-09-10. Retrieved 2008-04-16.
- ^ "PanEuroLife : J.C. Flowers installe ses bureaux à Capellen dans l'immeuble CAP 2". www.agefi.lu. Retrieved 2017-07-14.
- ^ "Kent Reliance and JC Flowers in joint venture talks". BBC News. 2010-07-12. Retrieved 2010-07-12.
- ^ "Nationwide pulls out of bidding for RBS branches". Herald. 2012-12-15. Retrieved 2010-07-17.
- ^ Abhishek Takle (17 July 2013). "J.C. Flowers set to buy portion of Northern Rock loans: paper". Reuters.
- ^ Aime Williams (12 October 2016). "TD Direct Investing bought by 'challenger' broker". Financial Times.
- ^ "Private Investment Firm, J.C. Flowers, Acquires UK General". Insurance Journal. 2017-05-25. Retrieved 2017-07-14.
