| J.C. Flowers & Companies | |
| Assets: | $7.9 billion |
| Aum: | US$5.4 billion[1] |
| Divisions: | J.C. Flowers I L.P. and J.C. Flowers II L.P. |
| Homepage: | jcfco.com |
J.C. Flowers & Co. is an American private equity investment firm, focused on investments in the financial services sector. The firm, founded in 2001,[2] is based in New York City and run by billionaire[3] J. Christopher Flowers, a former Goldman Sachs partner.[4] As of 2017, the firm had invested more than $15 billion in capital.[5]
JC Flowers manages two private 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 the financial services sector. JC Flowers in Europe is led by its managing director, David Morgan.[6]
JC Flowers' most notable investments include such financial 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 purchase Sallie Mae for approximately $25 billion (USD), giving JC Flowers and Friedman 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 for Friends 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 bank Bear 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's Kent Reliance Building Society[15] and this deal was completed on 1 February 2011 with the formation of OneSavings 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 by The Royal Bank of Scotland Group.[16] In July 2013, JC Flowers agreed to buy £450 million of loans belonging to struggling British bank Northern Rock.[17]
In October 2016, JC Flowers aided the acquisition of retail stockbroker TD Direct Investing Europe by a smaller rival Interactive 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]