J.C. Flowers

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J.C. Flowers
Founded 2002
Headquarters Headquartered in New York
Key People Founder Christopher Flowers
Products J.C. Flowers is a buyout firm
Website http://jcfco.com/index.html

J.C. Flowers & Co. LLC (JCF) is an investment firm that serves as advisor to J.C. Flowers I L.P. and J.C. Flowers II L.P., two private equity funds focused solely on the financial services sector. The firm is run by former Goldman Sachs Group Inc. banker J. Christopher Flowers.

JCF’s principal office is in New York, with offices in London, Hamburg and Beijing. The firm has 13 financial services specialists on its senior team.[1]

In January 2015 J.C. Flowers registered the entity "J.C. Flowers Securities Co. LLC" as a broker dealer with the Financial Industry Regulatory Authority, allowing Flowers and other executives at the firm to advise their clients on an “ad-hoc” basis.[2]

History

  • In 2002, J.C. Flowers I L.P was formed with $900 million commitments. J.C. Flowers II L.P. was launched as well but closed down in 2006 with $7 billion in commitments. It was noticed that thirteen investments were made through March 2008.
  • J.C. Flowers & Co. announced in October of 2007 that on behalf of itself and its partners Bank of America and JPMorgan Chase it had released a letter to Vice Chancellor Leo E. Strine, Jr. of the Delaware Chancery Court offering to terminate a merger agreement with SLM Corporation commonly known as Sallie Mae.[4]
  • In January of 2008, J.C. Flowers announced that SLM Corp. had agreed to drop a pending lawsuit against J.C. Flowers II L.P., JPMorgan Chase and Bank of America (together with the JCF co-investors, the “buyer group”). In addition, the parties agreed to terminate a merger agreement.[5]
  • In May of 2008, MF Global said it would sell J.C. Flowers & Co. as much as $300 million in equity to pay off debt. J.C. Flowers would appoint two directors to MF Global's board in return for its investment. MF Global said it was seeking to refinance a $1.4 billion bridge loan and would use $350 million from a five-year revolving loan to pay down part of the debt. The company has $350 million due in June and an additional $1.05 billion that must be paid in December, according to a Feb. 13 company filing.[6]
  • In December of 2010, J.C. Flowers made headlines when the company backed away from an agreement with Spain's Banca Cívica to buy $602 million worth of convertible bonds. The non-binding letter of intent was agreed upon in July of 2010 but does not supersede a formal agreement. Flowers went back on his word when the bank failed European stress tests. [7]
  • In January of 2016, Chi-X Global Holdings agreed to sell its Chi-X Australia, Chi-X Japan and Chi-Tech Hong Kong subsidiary venues to J.C .Flowers, in a transaction expected to close in Q1 2016. J.C. Flowers said it would keep the trading venues operational.[8]

Key People

Christopher Flowers, Founder

JCF Investments

References

  1. About JCF. J.C. Flowers & Co. LLC.
  2. J.C. Flowers Secures Broker Dealer License. The Wall Street Journal.
  3. Press Release. JFCO.
  4. Press Release. JFCO.
  5. Press Release. J.C. Flowers & Co..
  6. MF Global Posts Loss as J.C. Flowers Takes a Stake (Update3). Bloomberg.
  7. Flowers Gets Cold Feet Over Caja Move. Financial Times.
  8. J.C. Flowers Set to Acquire Chi-X Australia, Chi-X Japan and Chi-Tech. Traders Magazine.