J.C. Flowers & Co.

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J.C. Flowers & Companies
Private
Industry Private equity, Financial services
Founded 2001; 16 years ago (2001)
Founder J. Christopher Flowers
Headquarters New York, New York, United States
Products Leveraged buyout, Growth capital
Total assets $7.9 billion
Divisions J.C. Flowers I L.P. and J.C. Flowers II L.P.
Website www.jcfco.com

J.C. Flowers & Co. is an American private equity investment firm, focused on investments in the financial services sector. The firm, founded in 2001,[1] is based in New York City and run by billionaire[2] J. Christopher Flowers, a former Goldman Sachs partner.[3] As of 2017, the firm had invested more than $15 billion in capital.[4]

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.[5]

Investments[edit]

JC Flowers' most notable investments include such financial services companies as:

Other notable activity[edit]

JC 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.[6] In late 2007, JC Flowers was one of the many companies bidding for the troubled British Bank, Northern Rock.[7] They pulled out of the bidding in December.[8]

On January 21, 2008, JC Flowers made an informal bid of £4bn for Friends Provident.[9] A revised bid of £3.5 billion was rejected.[10] On March 14, 2008, JC Flowers was reported to be in talks to buy troubled US investment bank Bear Stearns.[11] 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.[12] At the end of 2006, JC Flowers purchased a company called PanEuroLife in Luxembourg and started to build the NewPELGroup.[13]

In July 2010 JC Flowers announced its intention to purchase a stake in the UK's Kent Reliance Building Society[14] 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.[15] In July 2013, JC Flowers agreed to buy £450 million of loans belonging to struggling British bank Northern Rock.[16]

In October 2016, JC Flowers aided the acquisition of retail stockbroker TD Direct Investing Europe by a smaller rival Interactive Investor to create the UK’s second-biggest online fund supermarket.[17] In May 2017, JC Flowers completed the acquisition of the insurance company UK General for an undisclosed sum.[18]

References[edit]

  1. ^ "JC Flowers profile". BusinessWeek. Retrieved 2008-04-16. 
  2. ^ "Billionaire list - J Christopher Flowers". Forbes. 2007-10-07. Retrieved 2008-04-16. 
  3. ^ "J. Christopher Flowers". Forbes. Retrieved 2017-07-14. 
  4. ^ "Private Investment Firm, J.C. Flowers, Acquires UK General". Insurance Journal. 2017-05-25. Retrieved 2017-07-14. 
  5. ^ "JC Flowers hires financial heavyweights". Financial Times. 2009-11-24. Retrieved 2010-05-28. 
  6. ^ "Jobs lost at Sallie Mae, J.C. Penney". Times Leader. 2008-01-18. Retrieved 2008-04-16. 
  7. ^ Conway, Edmund; Hotten, Russell (2007-10-26). "JC Flowers reveals Northern Rock bid team". London: The Daily Telegraph. Retrieved 2008-04-16. 
  8. ^ Slater, Steve (2007-12-07). "JC Flowers seen exiting N. Rock race". Reuters. Retrieved 2008-04-16. 
  9. ^ Seib, Christine (2008-01-21). "JC Flowers in £4bn bid for troubled Friends Provident". London: The Times. Retrieved 2008-04-16. 
  10. ^ Hosking, Patrick (2008-03-31). "Friends Prov rejects new £3.5bn Flowers offer". London: The Times. Retrieved 2008-04-16. 
  11. ^ "Bear Stearns Weekend Talks Reveal 2 Key Contenders". CNBC. 2008-03-14. Retrieved 2008-04-16. 
  12. ^ "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. Retrieved 2008-04-16. 
  13. ^ "PanEuroLife : J.C. Flowers installe ses bureaux à Capellen dans l'immeuble CAP 2". www.agefi.lu. Retrieved 2017-07-14. 
  14. ^ "Kent Reliance and JC Flowers in joint venture talks". BBC News. 2010-07-12. Retrieved 2010-07-12. 
  15. ^ "Nationwide pulls out of bidding for RBS branches". Herald. 2012-12-15. Retrieved 2010-07-17. 
  16. ^ Abhishek Takle (17 July 2013). "J.C. Flowers set to buy portion of Northern Rock loans: paper". Reuters. 
  17. ^ Aime Williams (12 October 2016). "TD Direct Investing bought by 'challenger' broker". Financial Times. 
  18. ^ "Private Investment Firm, J.C. Flowers, Acquires UK General". Insurance Journal. 2017-05-25. Retrieved 2017-07-14. 

External links[edit]