JZ Capital Partners sells Petrocorner to trade

BP's subsidiary also acquired Avenue Capital's stake in the company.

JZ, which owned an undisclosed stake in Petrocorner through its JZI Fund III, expects to receive cumulative gross proceeds of €12.1m from the sale, including interim proceeds and escrows. This represents a gross multiple of invested capital of approximately 2x and a gross IRR of 23%, according to the firm.

JZ and Avenue Capital invested in Petrocorner in July 2014. JZ financed the deal from JZI Fund III, which held a final close on €400m in January 2016, exceeding its €350m target. The fund invests in lower-mid-cap companies based in Europe with yearly EBITDA of €5-20m and enterprise values of €15-150m.

Company
Founded in 2013 and headquartered in Madrid, Petrocorner operates 65 petrol stations located across Spain and sells around 250 million litres of petrol per annum.

People
JZ Capital Partners – David Zalaznick (founder, investment adviser).

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• Topics
• Exits
• Southern Europe
• Consumer
• Spain
• Trade sale
• JZ Capital Partners