TIDMJTC
RNS Number : 5355U
JTC PLC
24 November 2023
JTC PLC
(the "Company" and together with its subsidiaries " JTC " or the
" Group " )
Acquisition of Blackheath Capital Management LLP
("Blackheath")
An established UK Management Company ("ManCo") business adding
further scale and strategically important UK coverage to JTC's
Global AIFM Solutions business
JTC, the global professional services business, is pleased to
announce the proposed acquisition of Blackheath, a boutique asset
management business based in the UK.
Background to Blackheath
Formed in 2010, Blackheath provides management and regulatory
oversight services to investment funds and offers ManCo services as
an Alternative Investment Fund Manager ("AIFM") as well as enabling
hosted firms to provide advisory and arranging services to
professional investors as an appointed representative under
Blackheath's oversight.
Blackheath has a strong reputation providing bespoke management
and advisory solutions to a broad range of clients in the UK and
Europe covering both alternative and traditional asset classes.
Blackheath has been regulated by the UK Financial Conduct Authority
("FCA") since 2011.
The existing partners of Blackheath, Stephane Carty and Simon
Monson, are to remain with the business. On joining JTC, Blackheath
will become part of the JTC Global AIFM Solutions business within
the Institutional Client Services division, led by Dean
Blackburn.
Strategic Rationale
The proposed acquisition will complement and enhance JTC's
existing JTC Global AIFM Solutions businesses in Ireland,
Luxembourg and Guernsey, enabling JTC to provide ManCo services for
UK domiciled funds. The addition of a ManCo solution alongside
JTC's existing UK fund administration, corporate and depositary
(INDOS Financial) services will enable JTC to provide a full
service offering to firms looking to launch, market, and manage UK
alternative investment funds.
Financial Benefits
In the financial year ending 30 June 2023, Blackheath delivered
revenue of c. GBP0.7m. The acquisition will be accretive to
earnings in the first full year of ownership, is expected to
achieve an underlying EBITDA margin in line with JTC's medium term
guidance of 33% to 38% and has an attractive cash generation
profile. Future growth in the business will be supported by
leveraging JTC's scale, as well as the ability to offer
Blackheath's services alongside JTC's existing fund administration
and depositary services in the UK.
The initial consideration will be settled at completion in cash
and JTC equity. Further deferred consideration is available on the
achievement of performance targets. T he transaction remains
subject to various closing conditions and regulatory approvals and
is expected to complete during Q1 2024 at which time further detail
will be provided.
Nigel Le Quesne, CEO of JTC, said:
"We are delighted to announce the proposed acquisition of
Blackheath, adding strength to our existing Global AIFM Solutions
business in the important UK alternative asset management market.
The business has excellent alignment with our existing fund
administration and depositary businesses in the UK and Europe. We
welcome Stephane, Simon and all of Blackheath's clients and
partners to the Group."
Stephane Carty, Founder and Partner of Blackheath said:
"Having formed the business in 2010 and developed a successful
UK AIFM business, now is the right time to partner with a firm to
support our future growth. We have known the team at JTC for
several years and their strong record and expertise in AIFM,
corporate governance and fund services will enable us to accelerate
our growth as well as benefit our clients through access to a wider
range of expertise and complementary services."
Enquiries
JTC PLC +44 (0) 1534 700 000
Nigel Le Quesne, Chief Executive
Officer
Martin Fotheringham, Chief Financial
Officer
David Vieira, Chief Communications
Officer
Camarco
Geoffrey Pelham-Lane +44 (0) 7733 124 226
Sam Morris +44 (0) 7796 827 008
About JTC
JTC is a publicly listed, global professional services business
with deep expertise in fund, corporate and private client services.
Every JTC person is an owner of the business, and this fundamental
part of our culture aligns us with the best interests of all our
stakeholders. Our purpose is to maximize potential, and our success
is built on service excellence, long-term relationships and
technology capabilities that drive efficiency and add value.
http://www.jtcgroup.com/
Important Notice
The person arranging release of this announcement on behalf of
JTC is Miranda Lansdowne, Company Secretary.
The release, publication or distribution of this announcement in
jurisdictions other than the United Kingdom may be restricted by
law and therefore any persons who are subject to the laws of any
other jurisdiction should inform themselves about, and observe, any
applicable requirements. This announcement has been prepared for
the purposes of complying with the Listing Rules and the UK Market
Abuse Regulation and the information disclosed may not be the same
as that which would have been prepared in accordance with the laws
and regulation of any jurisdiction outside of England.
The securities referred to herein have not been and will not be
registered under the U.S. Securities Act of 1933, as amended, or
any U.S. state securities laws and may not be offered or sold in
the United States absent registration or an exemption from
registration thereunder. JTC PLC does not intend to register any of
the securities in the United States or to conduct a public offering
of the securities in the United States.
This announcement contains forward looking statements. No
forward-looking statement is a guarantee of future performance and
actual results or performance or other financial condition could
differ materially from those contained in the forward-looking
statements. These forward-looking statements can be identified by
the fact they do not relate only to historical or current facts.
They may contain words such as "may", "will", "seek", "continue",
"aim", "anticipate", "target", "projected", "expect", "estimate",
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of the Company's control. As a result, actual results may differ
materially from the plans, goals and expectations contained in this
announcement. No statement in this announcement is intended to be,
nor may it be construed as, a profit forecast or be relied upon as
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in this announcement speak only as of the date they are made.
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END
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