JTC is set to be acquired by private equity firm Permira in a £2.7 billion deal that will take listed JTC private.
The boards of Papilio Bidco Ltd – a newly incorporated company indirectly wholly-owned by funds advised by Permira Advisers LLP – and JTC have reached agreement on the terms of a recommended cash acquisition of the entire issued and to be issued ordinary share capital of JTC.
The Cash Consideration represents a premium of approximately 49.4%. to the closing JTC share price of £8.97 as at 13th August 2025 (being last close prior to the first offer made by Permira).
The Acquisition enterprise value implies a multiple of approximately 26.2 times JTC’s pre-IFRS 16 adjusted EBITDA for the 12 months ended 30 June 2025 of £100 million.
Permira said: “Their investment reflects its focus on long-term value creation and expertise from over a decade of thematic investment expertise in the Fund Administration, Corporate & Trust Services (FACTS) sector.
“Permira’s is uniquely positioned to be a value-add partner to support JTC in accelerating organic growth through a combination of service offering expansion, deepening of its commercial capabilities, service delivery digitalisation, and capitalising on strategic M&A opportunities.”
Founded in Europe in 1985, Permira is a global private equity firm with over €80 billion of committed capital, and a globally diversified base of leading international investors, including endowments, sovereign wealth funds and pension funds.
Nigel Le Quesne (pictured), CEO of JTC said: “Today’s announcement marks a recognition of the quality and value of the business that we have all built over the last 37 years.
“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.”
Robin Bell-Jones, Partner and 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.”
Recent examples of Fund Administration, Corporate & Trust Services investments by Permira include:
Alter Domus: A global provider of tech-enabled fund administration, private debt, and corporate services, administering over $2.5 trillion in assets and operating across the globe. In 2016 Permira partnered with the three Alter Domus Founders to support their growth plan. Following Permira’s investment, Alter Domus has undergone a transformation from a Luxembourg corporate services provider to a global fund administrator today.
Vistra (formerly Tricor): A provider of corporate secretarial services, business services (accounting and payroll), and investor services in the Asia Pacific region. In 2016, the Permira funds agreed to acquire the business from Bank of East Asia (a regional commercial bank). Over the next five years, the business went through a phase of reinvigorating transformation where it completed ten strategic acquisitions across the diversified capability set, deployed workflow automation tools, launched a shared service centre, and revamped the sales organisation enabling cross-jurisdictional cross-sell.
Kroll: A global provider of risk management, investigations, cybersecurity and compliance services, Kroll has developed and maintained a reputation in the industry for helping organisations navigate complex regulatory and operational challenges.
