FAIRFIELD (dpa-AFX) - JZ Capital Partners Limited (JZCP.L), the London and Channel Islands listed private equity fund which invests in high quality US and European micro-cap companies, said that it agreed to sell its equity interest in Milestone Aviation Group Ltd. to GE Capital Aviation Services. JZCP is expected to receive a total of US$40 million from the sale, representing an estimated multiple of equity Invested of 2.8x and an IRR of 36%.
JZCP first invested in Milestone Aviation in September 2010, investing a total of US$15.1 million to date.
Milestone Aviation is a helicopter leasing company headquartered in Dublin, Ireland. The company is focused on leasing helicopters to the oil and gas, and mining industries, as well as to emergency and search and rescue services. It has a fleet of more than 168 helicopters worth US$2.8 billion, which are leased to 31 operators in 25 countries.
JZCP noted that it has purchased 21% of Paragon Water Systems for $9.2 million, a platform investment in its water vertical's new filtration strategy. Paragon designs and manufactures portable water filtration systems for use in homes and commercial locations.
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