26th Mar 2019 11:38
LONDON (Alliance News) - JTC PLC on Tuesday announced the EUR25 million acquisition of Exequtive Partners SA in a cash and stock deal.
JTC, which provides wealth management services to both private and institutional clients, is buying Luxembourg-based Exequtive Partners from a consortium of five companies. It will pay EUR18.3 million in cash, and the rest via the issue of 1.9 million JTC shares to sellers.
In 2018, corporate services firm Exequtive Partners made a profit of EUR61,000 and adjusted earnings before interest, taxes, depreciation, and amortisation of EUR2.5 million.
JTC Chief Executive Nigel Le Quesne said: "Exequtive Partners is a specialist business in a key strategic location that has demonstrated exceptional performance since its inception. As such, this acquisition is reflective of our focus on high quality growth and on strengthening our proposition for institutional clients."
"The management team at Exequtive Partners has built a successful business based on very similar principles to JTC, making it an excellent cultural fit for us whilst also enabling Exequtive Partners to become part of an established global network that remains focused on client service excellence. We extend a warm welcome to our new colleagues, clients and partners."
JTC shares were untraded on Tuesday, last quoted at 299 pence each.
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