JS Group

Payment technology provider, JS Group, has sold a strategic minority shareholding to NatWest Group, in a deal led by our Corporate Finance team.  The transaction will drive the further adoption of JS Group’s Aspire platform across higher education and accelerate adoption in other sectors, such as charities and local authorities.

Headquartered in Southampton, JS Group is a specialist provider to universities enabling them to efficiently disburse funds such as bursaries, scholarships and other financial support to students. Its technology platform ‘Aspire’ is designed to deliver measurable impact by streamlining the distribution of various types of student financial aid, ensuring that beneficiaries receive their funds promptly and securely while materially reducing the time and administrative costs involved for funders.

Initially, this strategic investment will help JS Group change how financial support is delivered in the higher education sector, driving improved Social Inclusion by removing barriers, so students from disadvantaged or underrepresented backgrounds can access and succeed at university. The investment will also accelerate the adoption of Aspire in other sectors including charities, local and central government, where the impactful distribution of financial support is critical to social mobility.

Our Corporate Finance team was appointed as strategic advisers to the shareholder of JS Group with a mandate to explore options and identify potential investors who would support the business through the next phase of growth. 

Our team was led by Consultant Simon Davies and Partner Darren Miller, supported by Associate Director Chris King and Debt Advisory Director Umito Choji.  Following some early exploratory discussions with potential interested parties it quickly became apparent that NatWest had a strong appetite to acquire a shareholding in the business to strengthen the existing strategic partnership with the Group. Our team then helped negotiate and structure the deal and project manage the process through to completion.

Simon Davies, Consultant at FRP Corporate Finance said: “We are delighted to have supported Peter Gray and JS Group in securing this investment, which marks a significant milestone in the Group’s growth journey. This transaction will enable the Group to accelerate its expansion into new markets and capitalise on exciting opportunities ahead. NatWest’s desire to invest in JS Group is a testament to JS Group’s vision and leadership in the adoption of open banking.”

Darren Miller, Partner at FRP Corporate Finance added: “It has been a great local project to have been involved in alongside other local advisers from Shoosmiths and DSA and we are confident that the Group will continue to flourish with NatWest as a minority investor.”

Peter Gray, Chairman and CEO at JS Group comments: “We are thrilled to welcome NatWest as an investor in JS Group to drive our mission of transforming the delivery and impact of financial support. Aspire gives funders greater optionality over the delivery of financial support and gives beneficiaries agency over how they receive funds.

“This investment will enable us to further develop our platform and expand our reach, ensuring that more universities, more sectors and more beneficiaries can take advantage of our efficient and secure payment services.

“We look forward to working closely with NatWest as we continue innovating. Their expertise will be invaluable as we seek to scale our platform and accelerate our venture into new sectors.”

Peter continues, “From a personal perspective it has been an absolute pleasure working with Simon, Darren and the team at FRP. They have been the perfect partner for both me personally and the business as a whole. Their strategic guidance, expert advice and overall approach has been exemplary and was instrumental in helping us achieve our goal.

Navigating a process such as this is never easy, but with the support we have received from the team, we made this happen in record time and are now very well positioned to achieve our next phase of growth with our new investor, we couldn’t have asked for better advisers to help us get here.”

Barrie Davison, National Sector Head at NatWest comments: “This investment underscores NatWest’s commitment to supporting innovative solutions that enhance financial accessibility and efficient management for funders through the adoption of technology.

“Building on the well-established partnership between Payit by NatWest and JS Group, this investment enables us to work towards a shared goal of accelerating the adoption of open banking technology.

“We are excited to support JS Group in their mission to simplify and improve the way universities and other funders manage and distribute financial support while being at the forefront of the payments industry. This investment aligns with our goal of fostering innovation and providing financial solutions while supporting the higher education sector.

Additional sell-side advisers to JS Group included Stephen Porter, Lisa Sigalet and Lawrence Renny from Shoosmiths (legal support to the shareholders) and Nick Byfield and Doug Macleod from DSA (transaction tax advisers).