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JC Flowers plans sale of majority stake in broker Financiere CEP-CEP CEO

LONDON, Sept 29 (Reuters) - U.S. investment firm JC Flowers has put its majority stake in French creditor protection insurance and mortgage broker Financiere CEP Group up for sale, Financiere CEP's chief executive told Reuters.

"The process is on track," Christiane Marcellier told Reuters by phone, adding that advisers JP Morgan and Messier, Maris et Associes were "working to help JC Flowers to be able to divest Financiere CEP from their portfolio".

The deal is expected to close early next year, she said.

JC Flowers bought Financiere CEP in 2011 for 830 million euros ($980 million), beating bids from Anacap and Bridgepoint. The remaining stake is owned by chairman and founder Hubert Guillard and the company's management team.

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Marcellier declined to disclose the size of JC Flowers' majority stake.

Financiere CEP has expanded its operations beyond creditor protection insurance into mortgage broking through several acquisitions, and has customers in six European markets, Marcellier said.

It expects to post consolidated earnings before interest, tax, depreciation and amortisation (EBITDA) of 110 million euros for the financial year ending Dec (Shanghai: 600875.SS - news) 31, 2017, she added but declined to disclose the EBITDA in 2016.

Since its foundation almost two decades ago, JC Flowers has invested nearly $15 billion in 50 portfolio companies across 17 countries, specialising in investment in the financial services industry. ($1 = 0.8461 euros) (Reporting by Carolyn Cohn and Dasha Afanasieva; Editing by Adrian Croft)