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JTC £79m Placing via ABB

Numis acts as Joint Bookrunner and Broker to JTC on its £79m placing by way of ABB.

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Numis is proud to have supported JTC in this placing to part-finance the acquisition of SALI Fund Management, LLC and SALI GP Holdings, LLC (together “SALI”). 

SALI, a US-based provider of fund and structuring administration services to the Insurance Dedicated Fund and Separately Managed Account market, is being acquired for a maximum consideration of $236.0m.

SALI represents an extremely attractive strategic acquisition for JTC, with an exceptional financial profile, strong and sticky client relationships providing predicable and recurring revenue, and provides JTC with meaningful additional scale in the attractive US fund services market.

Founded in 1987, JTC today is a global professional services business with deep expertise in fund, corporate and private client services. Numis is pleased to continue to support the company in the public markets, having played a critical role in its IPO in 2018 and subsequent ‘war-chest’ placing earlier this year, enabling JTC to continue to execute on its inorganic growth strategy.
 
JTC
The placing for approximately 8% of issued share capital was multiple times oversubscribed and priced at a nil discount to the last practicable closing price. The proceeds, alongside JTC’s existing cash reserves and debt facilities, will be used to fund the acquisition of SALI.

"JTC is a great example of the type of ambitious company that we love to partner with. This fundraising, our second this year for JTC, was a textbook example of our integrated approach through sales, research, trading and investment banking. We are proud to have built a first-rate shareholder register that is ready and able to support JTC as it executes on its growth plans”.

James Taylor Head of Investment Banking

Having advised JTC during its IPO and subsequent life as a listed company, this transaction marks the second fundraise we have executed for JTC, with our team’s consistent broking of the story resulting in best-in-class market intelligence, ensuring material investor demand.

The deal team at Numis was led by Stuart Skinner and Julian Cater.

For more information, please contact your Numis representative.

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