UK-based buyout firm Permira is preparing an initial public offering (IPO) for Just Retirement, a financial services business it has owned since 2009.
The flotation on the London Stock Exchange is expected to happen mid-November, according to a source. It is understood the listing could value the company at as much as £1.4 billion.
Permira declined to comment.
The IPO will see a new share issue of approximately £300 million, which will be used to support future growth of the business. While Permira is understood to be likely to sell some shares, it will retain “a significant stake” in the company. It currently holds an 84 percent stake in the business.
Just Retirement provides financial solutions to clients in or approaching retirement. The company provides enhanced annuities, equity release mortgages and fixed term annuities.
Permira invested in the business in 2009 in a €298 million take-private deal.
As well as planning the IPO of Just Retirement, Permira is also understood to be in “advanced talks” to acquire boots maker Dr. Martens from R Griggs Group.
Permira, whose portfolio companies include other consumer brands such as New Look and Hugo Boss, would be looking to pay £300 million for the business, the source added.
It is not the first time the boots maker has received private equity interest. An auction process, with Electra Partners and Pamplona Capital reportedly among the bidders, failed to deliver a deal approximately 1.5 years ago.
Permira’s acquisition of Dr. Martens would be the first investment from Permira V. In April, Fund V, which is targeting €4 billion to €5 billion, held its first close on €2.2 billion. The University of Michigan’s Board of Regents is among the LPs, with a €15 million commitment, PEI reported in July.