JZ Capital sells Winn Group for €21m

The sale is the second part of a two-stage direct secondaries transaction, in which JZ has sold its stake in six assets within its EuroMiicrocap Fund (EMC) 2010. In February 2016, the firm made 1.3x money from the sale of five stakes held by the vehicle to the same financial buyer for €75.2m.

At the time of the original transaction, JZ was anticipating a gross exit multiple of 1.6x across the two-stage process on the basis of receiving €21.1m for the sale of its stake in Winn.

JZ, the Europe-focused investment arm of JZ Advisers, held a €400m second and final close for its third fund in January 2016, above its €350m target. It had previously said the sale of its EMC 2010 assets would provide it with the liquidity needed to finance forays across its three core spaces: US micro-cap, European micro-cap and real estate.

Previous funding
JZ co-invested £9m to buy a 36% stake in Winn in September 2013. Souter Investments – the investment vehicle of Stagecoach Group chairman and co-founder Brian Souter – also co-invested to acquire a 24% stake, while the existing management team retained a 40% stake.

Company
Founded in 2002 and based in Newcastle, Winn is a legal firm specialising in road and workplace accidents.

People
JZ Capital Partners – David Zalaznick (founder, chairperson, CEO).

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• Topics
• Secondaries
• Exits
• UK / Ireland
• Consumer
• United Kingdom
• Direct secondary
• JZ Capital Partners