 | |
| Company type | Private |
|---|---|
| Industry | Private equity,Financial services |
| Founded | 2001; 24 years ago (2001) |
| Founder | J. Christopher Flowers |
| Headquarters | New York, New York, United States |
| Products | Leveraged buyout,Growth capital |
| AUM |  US$5.4 billion[1] |
| Total assets | $7.9 billion |
| Divisions | J.C. Flowers I L.P. and J.C. Flowers II L.P. |
| Website | jcfco.com |
J.C. Flowers & Co. is an Americanprivate equity investment firm, focused on investments in thefinancial services sector. The firm, founded in 2001,[2] is based inNew York City and run by billionaire[3]J. Christopher Flowers, a formerGoldman Sachs partner.[4] As of 2017, the firm had invested more than $15 billion in capital.[5]
JC Flowers manages twoprivate 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 thefinancial services sector. JC Flowers in Europe is led by its managing director,David Morgan.[6]
JC Flowers' most notable investments include suchfinancial services companies as:
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 purchaseSallie Mae for approximately $25 billion (USD), giving JC Flowers andFriedman Fleischer & Lowe 50.2 percent of the company. This deal fell through, however.[7] In late 2007, JC Flowers was one of the many companies bidding for the troubled British Bank,Northern Rock.[8] They pulled out of the bidding in December.[9]
On January 21, 2008, JC Flowers made an informal bid of £4bn forFriends Provident.[10] A revised bid of £3.5 billion was rejected.[11] On March 14, 2008, JC Flowers was reported to be in talks to buy troubled US investment bankBear Stearns.[12] 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.[13] At the end of 2006, JC Flowers purchased a company called PanEuroLife in Luxembourg and started to build the NewPELGroup.[14]
In July 2010 JC Flowers announced its intention to purchase a stake in the UK'sKent Reliance Building Society[15] and this deal was completed on 1 February 2011 with the formation ofOneSavings 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 byThe Royal Bank of Scotland Group.[16] In July 2013, JC Flowers agreed to buy £450 million of loans belonging to struggling British bankNorthern Rock.[17]
In October 2016, JC Flowers aided the acquisition of retail stockbrokerTD Direct Investing Europe by a smaller rivalInteractive Investor to create the United Kingdom's second-biggest online fund supermarket.[18]
In May 2017, JC Flowers completed the acquisition of the insurance company UK General for an undisclosed sum.[19]
