Private equity firm Permira has agreed a £2.7 billion deal to take listed JTC private.
JTC, based in Jersey, provides administrative services for investment funds and has grown to 38 global offices and more than 14,000 clients.
Following a bidding war with fellow PE firm Warburg Pincus, Permira’s sixth offer of 1,340 pence in cash has been accepted by the board of JTC.
JTC has secured promises from investors representing 7.3% of its issued share capital to vote in favour of the deal.
Should shareholders green-light the transaction, it is expected to go through in Q3 2026.
The offer represents a premium of 49.4% to the closing price of 897 pence per JTC share on 13th August 2025, the last day prior to the first offer made by Permira.
It implies a multiple of approximately 26.2 times JTC’s adjusted EBITDA for the 12 months ended 30th June 2025 of £100 million.
Founded in Europe in 1985, Permira is a global private equity firm with over €80bn of committed capital.
“Whilst public markets have supported JTC’s growth journey over the past seven years, there have been natural constraints that come with being a listed company, including capital availability to pursue more transformational strategic acquisitions and taking a longer term view on investments,” stated JTC.
“As a private company, with Permira’s support, JTC will be able to make more impactful commercial decisions outside the constraints of the public markets.”
JTC floated in 2018 and today employs over 2,300 people. Reported revenues have grown from £59.8m in FY17 to £305.4m in FY24. Underlying EBITDA has increased more than sevenfold from £14.4m to £101.7m over the same period.
“Today’s announcement marks a recognition of the quality and value of the business that we have all built over the last 37 years,” said Nigel Le Quesne, CEO of JTC.
“I am exceptionally proud of the achievements of the entire JTC team. Through the power of shared ownership, we are now over 2,300 people providing above-and-beyond service to more than 14,000 clients in over 100 countries.
“The years since our IPO in 2018 have been a period of transformative growth, welcoming new colleagues and significantly expanding both our service offering and global reach. This has been achieved through a combination of entrepreneurial organic growth and our disciplined and highly informed approach to acquisitions in a sector that continues to consolidate at pace.
“Our commitment to shared ownership for all our people underpins everything we do and aligns the interests of all of our stakeholders. It is a strategic differentiator for us and our clients, allowing us to attract and retain some of the highest-quality talent in the industry and provide consistent service excellence.
“We have always sought to do what is best for the company at any given time and take action that will make JTC an even better business for future generations of employee-owners.
“This next chapter in the JTC journey will reflect that and by partnering with the top-class team at Permira, we will have access to the knowledge, expertise and financial firepower to fully capture the exciting growth opportunities we see for the business, including further M&A and operational transformation through investment in AI.”
Robin Bell-Jones, partner, services, head of London at Permira, said: “We have long admired JTC and its exceptional leadership, which has consistently delivered strong performance, disciplined growth and a clear strategic vision. The culture of the company and focus on its people is distinctive.
“With Permira’s global platform, thematic expertise and track record of supporting high-quality businesses in the Fund Administration, Corporate & Trust Services sector ecosystem, we are well placed to help JTC unlock its full potential.
“We look forward to working in close partnership with Nigel and the team to accelerate growth, pursue selective acquisitions and scale the JTC platform.”