Van Campen Liem assisted the principals of Exequtive Partners S.A., a Luxembourg-based specialist provider of corporate and related fiduciary services, in the sale of Exequtive Partners to JTC PLC, the award winning provider of fund, corporate and private wealth services listed on the main market of the London Stock Exchange.
Exequtive Partners is a fast-growing, specialist business that has demonstrated outstanding performance and exceptional growth since its inception in 2013.
The principals of Exequtive Partners will all join JTC with immediate effect and Exequtive Partners’ twenty-eight employees will join the existing JTC Institutional Client Services team in Luxembourg. The combination of JTC and Exequtive Partners complements the funds offering and creates greater opportunities for future growth. The combined business strives to increase the footprint in the corporate and alternative investments market.
The initial consideration for the acquisition amounts to circa €25 million, €18.34 million of which is satisfied in cash and the remainder in ordinary shares in JTC. There is an earn-out which (if payable) will be paid 70% cash and 30% shares during 2020 based on Exequtive Partners’ and the combined business’s performance on a sliding scale against revenue and EBITDA targets. The total consideration payable is subject to an absolute cap of €34 million (subject to customary closing adjustments). The sellers are subject to certain restrictions which lock-in the consideration shares for a maximum of two years.
JTC expects the transaction to be immediately earnings enhancing.
The team at Van Campen Liem consisted of Aldo Schuurman, Ekaterina Lebedeva, Sophie de Mandt-Sprockel and Martha Michali.