Private equity companies Cinven and Permira have offloaded a 10.2 per cent stake in JRP Group, the companies announced today.
The size of the stake sold increased from an original 8 per cent due to investor demand.
JRP Group, formed after the merger of Just Retirement and Partnership, rebranded to the name Just in January.
According to stock exchange notices, the two firms sold 95 million ordinary shares in JRP Group at 130 pence per share. Cinven sold 38 million ordinary shares and Permira sold 57 million ordinary shares.
After the sale of shares Cinven will still hold a 15.5 per cent stake in the company and Permira will hold a 23.2 per cent. The remaining shares are subject to a 90-day “lock-up” period, restricting the firms from selling those shares.
JRP Group will not get any proceeds from the share sale.
Earlier this month JRP Group reported a pre-tax operating profit of £163.7m in 2016, up 58 per cent from £103.5m in 2015. The merger of Just Retirement and Partnership has resulted in cost savings of £30m as at the end of last year.