Having announced our intention to undertake an initial public offering (IPO) last week and having raised a significant £243.8 million in institutional investment prior to listing, JTC was admitted to the LSE this morning using the ticker JTC and with a market capitalisation of £310 million.
Headquartered in Jersey, JTC has a 30-year track record in providing market-leading services for international private and institutional clients, with the firm having experienced significant growth in recent years through organic growth, mergers and acquisitions. Today, the firm has a presence in 17 different jurisdictions in Africa, Americas, Asia-Pacific, the British Isles, the Caribbean and Europe and employs more than 550 staff.
This latest milestone in JTC’s history represents a move away from being a private equity-backed company, having received investment from CBPE Capital in 2012 to enable its global expansion, to a public company. CBPE have relinquished their shares as part of the IPO.
Meanwhile, JTC’s long-standing commitment to shared ownership, where employees can hold an interest in the firm and benefit from its performance, will be maintained, with its Employee Benefit Trust and Equity for All schemes evolving in line with JTC’s new public company structure.
Highlighting that the listing will position JTC strongly for its next stage of development and provide it with a robust structure for future growth, Nigel Le Quesne, CEO of JTC, said:
“This is a fantastic opportunity for JTC. Having grown the business over the last 30 years into a leader in the administration services market for funds, corporate and private clients, this is the next logical step in our strategy and will create a long-term capital base for the business. The IPO will provide us with access to the capital markets, as we look to deliver future growth, both organically and through our targeted acquisition strategy in a sector which we view as ripe for consolidation.
“We would like to thank CBPE for their role in the development of JTC from a Channel Islands focused administrator to a global service provider with a broad client reach. They have provided invaluable support and investment which has facilitated an acceleration in JTC’s growth and success.
“Our people are at the heart of everything we do and JTC has always set itself apart through its belief in the value of true shared ownership, which has led to a very high percentage of equity ownership amongst our staff. We have a very clear and proven strategy of investing in our people to enhance the services we provide to our clients and this will remain the case in our life as a public company. We look forward to delivering value for all stakeholders in the business in the years to come.”
Mike Liston, Chairman of JTC, commented:
“As JTC’s new Chairman I aim to build on its exemplary reputation for high ethical standards, rigorous governance and respect for its clients and people. These qualities equip it well for success as a substantial Public Company, thriving on the flight to quality in the complex world of international financial services.”
Ian Moore, Partner, CBPE Capital, added:
“Back in 2012, we saw in JTC a culture that stood out from the crowd and since then we have formed a successful and special partnership. The last six years have been an exciting journey as we have supported JTC in implementing its ‘local to global’ strategy and helped it expand from a Channel Islands centric business to one that now has over 550 colleagues in 17 jurisdictions around the world. We would like to wish everyone at JTC well as the Group embarks on the next stage of its journey.”