J.C. Flowers & Co.
|Industry||Private equity, Financial services|
|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.|
J.C. Flowers & Co. is an American private equity investment firm, focused on investments in the financial services sector. The firm, founded in 2001, is based in New York City and run by billionaire J. Christopher Flowers, a former Goldman Sachs partner.
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.
JC 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%)
- 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%)
Other notable activity
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.
On January 21, 2008, JC Flowers made an infomal bid of £4bn for Friends Provident. A revised bid of £3.5 billion was rejected On March 14, 2008, JC Flowers was reported to be in talks to buy troubled US investment bank Bear Stearns. 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. End of 2006, JC Flowers purchased a company called PanEuroLife in Luxembourg and started to build the NewPELGroup.
In July 2010 JC Flowers announced its intention to purchase a stake in the UK's Kent Reliance Building Society and this deal was completed on 1 February 2011 with the formation of OneSavings Bank Plc.
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.
- "JC Flowers profile". BusinessWeek. Retrieved 2008-04-16.
- "Billionaire list - J Christopher Flowers". Forbes. 2007-10-07. Retrieved 2008-04-16.
- "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. Retrieved 2008-04-16.
- Conway, Edmund; Hotten, Russell (2007-10-26). "JC Flowers reveals Northern Rock bid team". London: The Daily Telegraph. Retrieved 2008-04-16.
- Slater, Steve (2007-12-07). "JC Flowers seen exiting N. Rock race". Reuters. Retrieved 2008-04-16.
- Seib, Christine (2008-01-21). "JC Flowers in £4bn bid for troubled Friends Provident". London: The Times. Retrieved 2008-04-16.
- Hosking, Patrick (2008-03-31). "Friends Prov rejects new £3.5bn Flowers offer". London: The Times. 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. Retrieved 2008-04-16.
- "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.
- J.C. Flowers & Co. (company website)