JTC expands globally with Minerva acquisition

Monday 10 September 2018

Local provider of fund and private wealth services JTC is set to expand globally by acquiring a firm which it says shares a "strong tradition of family ownership" later this year.

The firm has entered a conditional agreement to acquire Jersey-headquartered Minerva, which is now going through regulatory approvals.

The acquisition will add a new Dubai office to JTC’s global network and increase the company’s scale of services in five of its existing locations: Jersey, London, Geneva, Singapore and Mauritius.

JTC CEO Nigel Le Quesne (pictured, left) said he was "delighted' about the move. “Minerva has a long track record with particular strength in the private client sector and the markets of Africa, Asia and the Middle East. There is a clear fit with our existing operational footprint and client base and this will allow us to leverage our scalable global platform to enhance operating margins as well as to drive future growth.

“There is also strong cultural alignment, with a focus on client service excellence, and I am pleased that the founders and leaders of the business will continue to be directly involved post completion. We extend a warm welcome to our new colleagues, clients and partners and look forward to working with them as part of an enhanced JTC.”

Vipin Shah (pictured, middle), Chairman and Founder of Minerva, said: "I am delighted with this deal, which is an important step in the development of Minerva, and we look forward to working closely with the highly experienced teams at JTC to further enhance our offering. The founders and the senior management team remain shareholders, having taken much of our consideration in shares, and are committed to continuing the work we have been doing for the last 40 years.

“We have recognised the increasing importance of scale in our industry and, being part of a larger and more global business, will enable us to access an extensive range of additional services from across the JTC Group. Going forward, this will add value to our clients and will help us to continue to meet the ever- increasing global service requirements from them.”

Pictured: Collas Crill Group Partner Dilmun Leach.

A Collas Crill team led by Jersey Group Partner Dilmun Leach and Senior Associate Fiona Wilson, assisted by associate David Walters, advised JTC on the acquisition. Support was provided by Group Partners Ian Montgomery, Pamela Doherty and Kellyann Ozouf on BVI, commercial property and private client aspects respectively, as well as by Senior Associate Nick Marshall and Associates Ross Rennie and Calvin Crilly.

Mr Leach said: "Working on such a complex, time-pressured and challenging cross-border transaction with one of our key clients has been a rewarding experience. We are delighted to have had the opportunity to work with JTC to make this acquisition a reality. The success of this deal only enhances Collas Crill's growing reputation as a leading adviser on corporate law matters in the Channel Islands."

Pictured: Nigel Weston, Partner at IFC law firm Walkers.

IFC law firm Walkers advised Minerva with a team including Partners Nigel Weston and Mark Crichton, supported by Senior Counsel Christopher Reed and Associate Jessica Robinson.

Mr Weston said: "We were delighted to have been chosen as trusted adviser to Minerva and its shareholders, in what is a significant milestone in the history of both Minerva and JTC. Having advised on numerous such sales, acquisitions and related financings, our team was able to bring our considerable experience to bear on behalf of our client. We congratulate warmly both Minerva and JTC on signing this important and exciting deal, and wish them every success in the future for their united business."