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JZ Capital Partners agrees to sell part of its US microcap portfolio to Hamilton Lane Advisors
StockMarketWire.com
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Microcap investor JZ Capital Partners said it had agreed to sell its stakes in certain US microcap portfolio companies to a secondary fund led by Hamilton Lane Advisors for $90 million and a stake in the secondary fund.
The US microcap assets to be sold as part of the secondary sale included the company's interests in each of Flex Pack, Flow Controls, Testing Services, Felix Storch, Peaceable and TierPoint.
The secondary sale marked a 'significant milestone towards the delivery of the company's previously announced strategy of realising value from its investment portfolio and paying down debt,' the company said.
As a separate matter, the company also announced that it had completed on the sale of its Greenpoint property located in Brooklyn, New York, for approximately US$13.6 million.
The sale corresponded to a write down to the company's net asset value of approximately US$20 million. 'The approximate write down has already been included in the updated valuations applied to the company's real estate investments as earlier announced in September and October 2020, it added.
At 8:39am: (LON:JZCP) JZ Capital Partners Ltd share price was +3p at 98p
Story provided by StockMarketWire.com
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