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J.C. Flowers Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, J.C. Flowers has acquired 5 companies.

J.C. Flowers’ most common sectors for investment arefinancial services (49%) and insurance (36%) . The Firm’s most common investment types include divestiture (36%) and buyout (lbo, mbo, mbi) (17%). In total, J.C. Flowers has invested in 8 US states and 12 different countries. Its largest (disclosed) acquisition occurred in 2024 when it acquired Enstar Group for $5.1B.

In the last 3 years, J.C. Flowers has exited 3 companies. The Firm’s most common exit type is secondary buyout (32%). J.C. Flowers’ largest (disclosed) exit occurred in 2012 when it sold Crump Group for $570M.

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M&A Summary

  • M&A Total Activity50
    • M&A Buy Activity31
    • M&A Sell Activity19
  • Total Sectors Invested 4
  • Total Countries Invested 12
  • M&A Buy/Sell Connections 21
  • M&A Advisors 15

J.C. Flowers & Co.

J.C. Flowers & Co. LLC

767 Fifth Avenue, 23rd Floor,
New York, New York 10153
United States
(212) 404-6800
www.jcfco.com
investorinformation@jcfco.com

JC Flowers is a specialist private equity firm that targets investments in the financial services sector. JC Flowers looks for distressed opportunities in North America, Western Europe, and Asia. JC Flowers was formed in 1998 and is based in New York City with an additional office in London.


Investment Criteria

Sectors of Interest: Financial Services, Insurance

Target Transaction Types: Buyout (LBO, MBO, MBI), Divestiture, Special Situations/Distressed, PIPE

Geographic Preferences: East US, Midwest US, South US, West US, Canada, United Kingdom, Western Europe, Eastern Europe, Nordic, Asia/Pacific

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size - -
Enterprise Value - -

M&A Summary

Buy vs Sell

Year ≤ '20 '21 '22 '23 '24 '25 T
Buy (1.6/yr) # 23 3 2 - 2 1 31
vol $902M $5.1B $6.0B
Sell (0.8/yr) # 15 1 1 1 - 1 19
vol $700M $170M $870M
  50
+120304050253545550

Most Recent M&A

Company Date Value Type
HRK Lunis AG 2025-03-28 - Secondary Sale
Frankfurt am Main, Germany · www.lunis.de
Infinite Investment Systems Ltd. 2025-02-10 - Buyout (LBO, MBO, MBI)
Toronto, Ontario · www.inf-systems.com
Pepper Advantage Technologies Ltd. 2024-11-05 - Divestiture
London, United Kingdom · www.pepper-advantage.com
Enstar Group Ltd. 2024-07-29 5.1B USD Going Private
Hamilton, Bermuda · www.enstargroup.com
Vericity, Inc. 2023-10-03 170M USD Trade Sale
Chicago, Illinois
Yes Bank - Nonperforming Assets 2022-12-17 - Divestiture
Mumbai, India
UK General Insurance Ltd. 2022-06-22 - Unknown
Leeds, United Kingdom · www.ukgeneral.com
Solomon Capital Holdings Ltd. 2022-06-20 - Consolidation
London, United Kingdom · www.solomon-capital.com
TRICOR, Inc. 2021-11-08 - Growth Capital
Lancaster, Wisconsin · www.tricorinsurance.com
LMAX Group 2021-07-01 - Stake Purchase
London, United Kingdom · www.lmax.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
ELMC Risk Solutions 2016-09-22 Sequoia Reinsurance Services LLC 2023-03-20 1
New York, New York · www.elmcgroup.com Plymouth, Minnesota
Jefferson Capital Systems LLC 2018-03-26 Canaccede Financial Group Ltd. 2020-03-10 1
St. Cloud, Minnesota · www.jeffersoncapitalinternational.com Toronto, Ontario · www.canaccede.com

M&A by Sector

Sector Current # Value All-time # Value
Financial Services 7 (44%) - 15 (48%) -
Insurance 5 (31%) 5.1B (100%) 11 (35%) 6.0B (100%)
Business Services 3 (19%) - 4 (13%) -
Information Technology 1 (6%) - 1 (3%) -
Total 16 $5.1B 31 $6.0B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 4 (25%) - 9 (29%) -
  New York 1 (6%) - 2 (6%) -
  Colorado 1 (6%) - 1 (3%) -
  Wisconsin 1 (6%) - 1 (3%) -
  Minnesota 1 (6%) - 1 (3%) -
  Illinois - - 1 (3%) -
  Florida - - 1 (3%) -
  California - - 1 (3%) -
  New Jersey - - 1 (3%) -
United Kingdom 4 (25%) - 7 (23%) -
Bermuda 2 (13%) 5.1B (100%) 3 (10%) 5.1B (85%)
Canada 1 (6%) - 2 (6%) -
  Ontario 1 (6%) - 2 (6%) -
China 1 (6%) - 2 (6%) -
Italy - - 2 (6%) -
Germany 1 (6%) - 1 (3%) -
India 1 (6%) - 1 (3%) -
Puerto Rico 1 (6%) - 1 (3%) -
  Prince Edward Island 1 (6%) - 1 (3%) -
Romania 1 (6%) - 1 (3%) -
France - - 1 (3%) 902M (15%)
Japan - - 1 (3%) -
Domestic 4 (25%) - 9 (29%) -
Cross-border 12 (75%) 5.1B (100%) 22 (71%) 6.0B (100%)
Total 16 $5.1B 31 $6.0B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Divestiture 5 (31%) - 11 (35%) -
Buyout (LBO, MBO, MBI) 3 (19%) - 5 (16%) -
PIPE - - 4 (13%) -
Secondary Buyout 1 (6%) - 3 (10%) 902M (15%)
Stake Purchase 2 (13%) - 3 (10%) -
Growth Capital 2 (13%) - 2 (6%) -
Going Private 1 (6%) 5.1B (100%) 1 (3%) 5.1B (85%)
Consolidation 1 (6%) - 1 (3%) -
Venture 1 (6%) - 1 (3%) -
Total 16 $5.1B 31 $6.0B

Exits by Deal Type

Type Total # Value
Secondary Sale 6 (32%) -
Stake Sale 5 (26%) -
Trade Sale - Public Company 4 (21%) 870M (100%)
Bankruptcy 1 (5%) -
Recapitalization 1 (5%) -
Trade Sale 1 (5%) -
Unknown 1 (5%) -
Total 19 $870M

Top M&A Advisors

Financial Deals
National Bank Financial
 2
Barclays Investment Bank
 2
Morgan Stanley
 1
Legal Deals
Weil Gotshal & Manges
 2
Stikeman Elliott
 2
Freshfields Bruckhaus Deringer
 1

Deal Values

buy # Total
> $1B 1 $5.1B
$100M to $1B 1 $902M
TOTAL $6.0B
Largest Enstar Group Ltd.
$5.1B (2024-07-29)
sell # Total
$100M to $1B 3 $870M
TOTAL $870M
Largest Crump Group, Inc.
$570M (2012-02-09)

M&A Connections

Deals
Acquired from
Investor(s)
13%
4 (13%)
Strategic(s)
32%
10 (32%)
Exited to
Investor(s)
37%
7 (37%)
Strategic(s)
32%
6 (32%)

Investor Summary

Investor Type

Private Equity Firm

Size

Large

PE Assets

4.0B USD

Established

1998

Specialist/Generalist

Specialist

Leadership

J. Christopher Flowers

Founder, Managing Director & CEO

Dan Meade

Head of Business Development / Investor Relations & Managing Director

Calvin Dong

Managing Director

Jonathan Cox

Managing Director

Peter Yordán

Managing Director

FAQ

When was J.C. Flowers & Co. founded?

J.C. Flowers & Co. was founded in 1998.

What type of investor is J.C. Flowers & Co.?

J.C. Flowers & Co. is a private equity firm.

Where is J.C. Flowers & Co. headquartered?

J.C. Flowers & Co. is headquartered in New York, New York.

How much capital does J.C. Flowers & Co. have under management?

J.C. Flowers & Co. has 4.0B USD under management.

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