JZ Capital sells Petrocorner – JZ Capital Partners Limited has announced 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 an annualised sales volume of approximately 250 million litres of petrol.
JZ Capital Partners expects to receive cumulative gross proceeds of €12.1 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.”
JZCP : JZ Capital sells Petrocorner
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