JC Flowers captured PE Hub's Small-Cap Europe Deal of the Year Award for its eight-year hold of wealth manager HRK Lunis before selling to fellow PE firm Seven2. The Frankfurt-based platform, originally carved from J Safra Sarasin in 2017 with no upfront payment, demonstrated the power of patient capital in Germany's fragmented wealth management sector.

During the holding period, JC Flowers grew HRK Lunis' assets under management by 8x, reaching approximately €7 billion for 2,200 clients. The deal generated mid-teens million euros in EBITDA with margins above 30%, representing a premium to comparables. Total revenue exceeded €40 million at exit, far exceeding initial projections.

JC Flowers employed an aggressive M&A strategy, completing three transactions including the 2023 merger with Huber, Reuss & Kollegen, which added €2.6 billion in AUM. Adam Raba, JC Flowers vice-president, noted the firm learned that working with smaller, founder-owned businesses requires "more time, patience and persistence" to build relationships beyond just price considerations.

The transformed entity expanded from 20 employees across five offices to 100+ professionals in eight cities, positioning JC Flowers to capitalize on Germany's status as "one of the richest wealth markets in the world." The firm is now applying these lessons to a new financial services deal in Germany, using the Lunis transaction as a blueprint for future sector investments.