Jupiter has joined forces with leading buyout and private equity firm, TA Associates, to complete the management buyout of the Jupiter Group from Commerzbank AG.
The acquisition was approved by the FSA back in March with the regulator stipulating that Jupiter and TA Associates take joint ownership of the Jupiter Group, although Jupiter’s management hold a majority stake in the business.
Jupiter Group was procured at a sale price of £740m with Jupiter’s shareholders offered the option of buying shares in the new holding company, which most have chosen to do.
The chief executive of Jupiter Investment Management Holdings, Edward Bonham Carter, said: “We are delighted to have completed this transaction and to have TA Associates as our partner.
"Our new ownership structure creates considerable certainty for our clients going forward, with both Jupiter’s senior management team and employees participating in equity ownership of the business alongside TA Associates.”
Michael A. R. Wilson, managing director at TA Associates, said: “We are pleased to complete our eleventh asset management investment and look forward to working closely with Jupiter management to help them continue building value for clients, employees and shareholders.”IFAonline
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