JTC secures additional funding from Santander

12-Dec-2018

JTC PLC, a leading provider of fund, corporate and private wealth services to institutional and private clients, has secured £15 million in senior debt facilities from Santander Corporate & Commercial to support the business’ focus on strategic acquisitions and the expansion of its geographic spread, client base and service offering.

Founded in 1987, JTC has around US$100bn in assets under administration and 650 skilled staff working across 18 jurisdictions. Its client base includes alternative asset managers, family offices, and high net worth individuals. The firm was listed on the London Stock Exchange in March 2018 following a five-year minority ownership by Close Brothers Private Equity. For the half-year period to 30 June this year, the firm announced revenue growth of 25% due to organic growth (7%) and acquisitions (18%), with EBITDA margins in excess of 29%.

JTC has successfully completed two recent acquisitions, both supported in part by the funding from Santander. This included the acquisition of Amsterdam-based Van Doorn, a specialist provider of corporate and related fiduciary services and Minerva, a Jersey based provider of private client, corporate, fund and treasury services.

Martin Fotheringham, chief financial officer, JTC PLC, said: “Santander are a welcome addition to our banking group and we have been impressed by the professional and efficient approach of the team. As JTC continues to pursue carefully selected acquisitions as part of a wider growth strategy, this increase in our revolving credit facility will allow us to take advantage of new opportunities as they arise.”

Saul Proctor, director, Structured Finance, Santander Corporate & Commercial said: “We are delighted to support JTC as the firm looks to continue what has been a highly successful track record of organic and acquisition led growth.  The increased facilities arranged have supported two recent transactions and provide headroom for future opportunities. This transaction demonstrates Santander’s commitment to supporting businesses in the Crown Dependencies, via a collaborative approach between Structured Finance and our colleagues in Jersey.”