The genesis of JZCP can be traced back to Mezzanine Capital and Investment Trust plc (“MCIT”) which was listed on the London Stock Exchange in 1986.
MCIT provided retail and institutional investors access to microcap buyouts in the US. MCIT evolved to become JZ Equity Partners (“JZEP”) and in 2008 became JZCP. JZCP's current portfolio has evolved to include substantial investments in private businesses within both the United States and Western Europe. JZCP has accumulated a significant portfolio of real estate in Brooklyn, New York and South Florida.
JZCP began trading on the London Stock Exchange's Specialist Fund Market (“SFM”) in 2012, and that same year made a commitment to make an annual distribution in the form of dividends (paid through semi-annual instalments) in an amount equal to 3% of its net assets.
In April 2017, the Board launched a review of the Company’s dividend policy following careful consideration as to whether full value for Shareholders was being achieved. The Board determined that the interests of Shareholders would be better served through the discontinuation of the current dividend policy and implementation of a new strategy to allow for the repurchase of shares. JZCP received shareholder approval for the new initiatives on 16 May, 2017.
JZCP is a member of LPEQ, the industry association of UK listed private equity investment companies, and the Association of Investment Companies.
In December 2015, JZI Fund III, L.P. (“Fund III”) closed its fundraising at €400 million. JZCP has committed €75 million to Fund III. In addition, JZCP’s co-founders and investment advisers, David Zalaznick and Jay Jordan, along with the European management team have committed €25 million. The balance of the €400 million has been committed by several leading institutional investors and family offices.
Fund III enables JZCP to expand and diversify its investment portfolio in Western Europe. Fund III will invest principally in lower middle market companies in Western Europe, focusing on businesses with enterprise values generally between €15 million and €150 million and the ability to generate EBITDA of generally between €5 million to €20 million per annum.
Both Fund III and the EuroMicrocap Fund 2010, L.P. (“EMC 2010”), the predecessor to Fund III, target established European microcap companies with experienced management teams, looking to acquire companies at reasonable valuations and support these businesses with a hands-on, value-added operational strategy.
EMC 2010 and Fund III have invested in a wide range of platform and add-on companies across Europe, including the UK, Spain, Italy, the Netherlands and Scandinavia.