UNQUOTE

JZ Capital reaps 9.2x cash on Factor sale

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Listed private equity fund manager JZ Capital Partners has sold its majority stake in Spanish energy provider Factor Energia after seven years.

At completion of the deal, the GP expects to receive €69.7m in gross proceeds, representing a 9.2x cash multiple and a 42.3% IRR.

According to public documents, the transaction was valued at approximately €120m and saw JZ sell its stake to a Spanish public-sector asset manager controlled by a Canadian pension fund.

As part of the deal, the GP reinvested to acquire a 25% stake in the business for €20m via its JZI Fund III, a vehicle in which the GP committed 18.8% of the capital.

Previous funding
JZ acquired a 65% stake in Factor for €7.6m via its EuroMicrocap Fund 2010 in July 2010. The deal was valued at €20m.

According to a statement, the company has increased its sales from €68m to €370m under JZ's tenure, following the country's deregulation of the energy supply market and the recovery of the domestic economy.

Company
Founded in 1999, Factor is an energy supplier for small and mid-sized companies across Spain. The business is based in Barcelona and generated a turnover of €370m in 2016.

People
JZ Capital Partners – Miguel Rueda (senior partner).
Factor Energia – Emilio Rousaud (CEO).

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