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Deal Maker of the Year Awards 2012 WINNER - UK
DEAL: CBPE Capital acquires stake in JTC Group
NAME: Steve Cater COMPANY: PwC Corporate Finance POSITION: Partner TEL: +44 (0) 207 804 7029 MOB: +44 (0) 7803 512743 EMAIL: stephen.cater@uk.pwc.com
BIO:
Steve is a Partner at PwC Corporate Finance and leads the Financial Services team. He has close to 20 years’ experience of the financial services sector with extensive experience of advising corporate clients, private equity houses and management teams on mid-market (£50-500 million) financial services transactions.
Steve’s recent deal track record includes the sale of JTC Group to CBPE Capital, the acquisition of Denplan by Simplyhealth, the acquisition of Groupama Healthcare by Simplyheath, the acquisition of ATC Group by HgCapital, the sale of 123 Money Limited to RSA Ireland Limited and the disposal programme covering a number of businesses from Lehman Brothers Europe. He has ongoing transactions in the payments, private banking, insurance and offshore services markets.
The PwC Corporate
Finance team is one of the leading mid-market
advisors, having completed 115 transactions in 2012 with an aggregate value of £6.2bn.
PwC’s deep understanding of the offshore sector and the international private equity market meant that it was able to identify and leverage market appetite to meet shareholders’ objectives whilst delivering a premium deal. A select group of private equity houses, who PwC knew had the appetite, ability and commitment to execute such a transaction, were invited to the process. This maximised competitive tension from the outset, delivering a tight process, with only four months from the initial stage to exchange of contracts with CBPE.
DEAL OVERVIEW:
The PwC Corporate Finance team, led by Steve Cater advised the JTC Group (JTC) on its sale of a minority stake to CBPE Capital. JTC is a leading, independent and international provider of trust, corporate and fund services to a range of clients including high net worth individuals (HNWIs), corporates, financial institutions and fund promoters. It presents a strong, sustainable and highly cash generative platform managed by an experienced team with a clear appetite and potential to grow the company profitably and internationally, through top line organic growth, margin improvement and strategic acquisitions.
PwC invested time ahead of the process to build relationships and to really understand the strategic objectives of the shareholders both now and in the future, whilst providing advice that added value to the business. It became clear that JTC wanted to find an investor that believed in and was willing to support its global growth strategy and to partner with the team in the right manner.
Vendor driven due diligence (including compliance) was crucial in running a ‘slick’ process and maintaining competitive tension. This deal matched JTC with the ‘right’ investor and created a positive benchmark within the market.
The PwC Corporate Finance team is one of the leading mid-market advisors, having completed 115 transactions in 2012 with an aggregate value of £6.2bn. PwC takes a long term view with all of its clients, believing that the key to maximising value is the strategic planning phase before any process, addressing key business issues and understanding shareholder objectives.
PwC has a strong heritage of advisory work within the trust and fund services sector having advised on the majority of the significant deals in the sector over the past 10 years.
The offshore sector is a very active market, with a number of ongoing deals and active M&A participants. This is driven by both the ability for consolidation in a highly fragmented market and the demand for multi-jurisdictional players with a diverse product offering. The ever increasing regulatory demands imposed on individuals and corporates mean that offshore companies with strong brand names and a commitment to client service will be well positioned to deliver strong growth in the coming years.