JZ Capital Ptnrs Ltd JZ Capital Partners Announces Sale of Petrocorner
January 15 2019 - 1:00AM
UK Regulatory
TIDMJZCP TIDMJZCN
JZ CAPITAL PARTNERS ANNOUNCES SALE OF PETROCORNER
Approximately EUR12.1 million in gross proceeds realised
15 January 2019
JZ Capital Partners Limited (LSE: JZCP.L or "JZCP"), the London listed fund
that invests in US and European microcap companies and US real estate, is
pleased to announce the sale of Petrocorner, a network of petrol stations
throughout Spain, to a Spanish subsidiary of British Petroleum ("BP"). JZCP
owns Petrocorner through its 18.75% stake in JZI Fund III, L.P.
Headquartered in Madrid, Petrocorner is a strategic build-up in the Spanish
retail petrol station market, comprised of 65 petrol stations located across
Spain with annualized sales volume of approximately 250 million litres of
petrol.
JZCP, which owns Petrocorner through its 18.75% stake in JZI Fund III, L.P.,
expects to receive cumulative gross proceeds of EUR12.1 million from the sale
(including interim proceeds and escrows). This represents a gross multiple of
invested capital ("MOIC") of approximately 2.0x and a gross internal rate of
return ("IRR") of approximately 23.0%.
David Zalaznick, JZCP's Founder and Investment Adviser, commented: "Petrocorner
was a highly successful result of our buy-and-build strategy in the retail
petrol sector. Our management partners did a superb job and we thank them for
all their hard work.
For JZCP, the Petrocorner sale represents a further step towards our primary
goal to achieve liquidity through realisations and refinancings. We hope to
report on additional liquidity events throughout 2019."
Ends
For further information:
Ed Berry / Kit Dunford +44 (0) 20 3727 1046 / 1143
FTI Consulting
David Zalaznick +1 212 485 9410
Jordan/Zalaznick Advisers, Inc.
Samuel Walden +44 (0) 1481 745385
Northern Trust International Fund
Administration Services (Guernsey)
Limited
About JZCP
JZ Capital Partners ("JZCP") is one of the oldest closed-end investment
companies listed on the London Stock Exchange. It seeks to provide shareholders
with a return by investing selectively in US and European microcap companies
and US real estate. JZCP receives investment advice from Jordan/Zalaznick
Advisers, Inc. ("JZAI") which is led by David Zalaznick and Jay Jordan. They
have worked together for more than 35 years and are supported by teams of
investment professionals in New York, Chicago, London and Madrid. JZAI's
experts work with the existing management of micro-cap companies to help build
better businesses, create value and deliver strong returns for investors. For
more information please visit www.jzcp.com.
END
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