JZI | Q2 2019 Portfolio Update
It has been a busy quarter for JZI’s portfolio, with news including several add-on acquisitions and new debt facilities raised for portfolio companies.
Please read on for highlights from some of the JZI portfolio.
Factor Energia: Factor Energia, our energy supply business in Spain, has entered the Portuguese market through its purchase of a majority of Enforcesco, an electricity reseller in Portugal. Factor’s money-in investment will facilitate significant cross selling opportunities and operational synergies between the two businesses.
Eliantus: Eliantus, our build-up of solar power plants in Spain, has agreed to acquire a large portfolio, a critical milestone for the company. This agreement will significantly increase Eliantus’ total enterprise value acquired and will facilitate the issuance of a second project bond over Eliantus’ assets.
BlueSites: BlueSites recently completed its 100th cell tower land lease buy-out. The current monthly acquisition run-rate should enable the portfolio to reach 200 towers by year-end.
Collingwood: JZI recently helped Collingwood secure £27.5m of senior debt from M&G in order to provide a significant dividend recapitalization.
S.A.C: JZI recently secured additional financing for S.A.C, which will allow S.A.C to continue ramping up its fleet of vans.
Fincontinuo: JZI recently helped Fincontinuo increase one of its SPVs from €75m to €210m, increasing the advance rate provided by the lender from 85% to 95% and fixing the interest rate payable at 1.5% for 10 years.
JZI refinances Fund III portfolio company Collingwood, a niche UK motor insurance business, with a £27.5 million facility from M&G Investments
JZ International (“JZI”) is pleased to announce the details of its latest transaction.
In April 2019, JZI refinanced Collingwood Insurance Services (UK) Ltd (“Collingwood”), a specialist motor insurance business based in Newcastle upon Tyne, UK, with a £27.5 million five-year facility from M&G Investments. Collingwood operates in niche, non-standard areas outside the mainstream motor market, including: motor fleet, taxi, learner drivers and convicted drivers.
“We are delighted to welcome M&G Investments as our financing partner for Collingwood; they have been highly supportive and demonstrated flexibility throughout the transaction,” said Martin Wright, Senior Partner at JZI.
James Pearce, Head of Direct Lending at M&G Investments says “Since the global financial crisis the lending landscape has changed and companies can now access capital from alternative lenders. In our case, we are lending to companies on behalf of our pension fund and institutional clients, who are plugging the gap left by the banks. We are pleased to partner with JZI and Collingwood Insurance Services.”
About JZ International
JZI is a leading lower middle market pan-European private equity investor specialising principally in family/owner managed businesses looking for longer term growth capital. JZI operates from offices in London, Madrid, Utrecht and New York.
About M&G Prudential and M&G Investments
M&G Investments is part of M&G Prudential, a savings and investment business which was formed in August 2017 by our parent company, Prudential plc and has £321 billion of assets under management as at 31 December 2018. M&G Prudential is set to demerge from Prudential Plc to become an independent company listed on the London Stock Exchange. Its investment solutions span equities, fixed income, multi asset, cash, private debt, infrastructure and real estate. M&G recognises the importance of responsible investing. For more information, please visit: http://www.prudential.co.uk/businesses/mandg-prudential
JZI announces sale of Petrocorner
JZI is pleased to announce the sale of Petrocorner, a network of petrol stations throughout Spain, to a Spanish subsidiary of British Petroleum.
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 liters of petrol.