JZ Capital Partners Disposes Of US Investee Paragon Water Systems

14th Mar 2018 12:41

LONDON (Alliance News) - Investment firm JZ Capital Partners Ltd said Wednesday it has sold Paragon Water Systems Inc to Culligan Water.

JZ Capital will realise USD16.2 million in gross proceeds from the sale of the Florida-based water filtration product company, an increase of 30% on Paragon's carrying value of around USD12.5 mullion as of the end of January.

This will increase JZ Capital's net asset value as of January-end by 0.4%, representing a gross internal rate of return of around 18%.

Investment Adviser David Zalaznick commented: "We are pleased with this realisation above JZCP's net asset value. One of our objectives is to demonstrate to shareholders and potential new investors that our NAV is conservatively valued.

"We hope to continue our realisation cycle and build liquidity for our previously stated goals of making new investments, paying down debt and buying back stock."

The news comes after JZ Capital said Monday it would net USD108.0 million of gross proceeds from the sale of US-based firm Bolder Healthcare Solutions to a subsidiary of Cognizant.

Shares in JZ Capital were trading at 469.00 pence each on Wednesday, up 0.2%.

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