JZCP sells Fidor Bank

JZ Capital Partners Ltd (JZCP), the London listed fund that invests in US and European micro-cap companies and US real estate, is to sell its equity interest in Fidor Bank AG (Fidor) to Groupe BPCE, the second largest banking group in France.

JZCP first invested in Fidor in August 2013 through its EuroMicrocap Fund 2010, L.P. and has since worked with the senior management team, including Matthias Kröner, CEO, and Wolfgang Strobel, CFO, to grow and develop the business. JZCP invested a total of USD18.4 million and is expected to receive total gross proceeds[1] of approximately USD34.3 million from the sale.
 
During JZCP’s hold period, Fidor’s loan book approximately tripled and total customers holding accounts increased more than six times.
 
Founded by its CEO Matthias Kröner in 2009, Fidor has pioneered the collaboration between traditional financial services and technology businesses. Fidor offers a unique platform, where 350,000 community members work together to help build the bank’s services and products.
 
David Zalaznick, JZCP’s Founder and Investment Adviser, says: “The European investment team has done an excellent job in assisting Fidor in securing new wholesale lending opportunities and driving the expansion of the business into international markets, such as the UK and Spain, as well as the development of critical in-house functions.
 
Proceeds from the sale will help fund the Company’s growing pipeline of opportunities in Western Europe and the US.”
 
Miguel Rueda, Senior Partner of JZAI’s London Office, commented: “Fidor is a first class business, and it has been a pleasure to work with the management team to drive profitable growth during our period of ownership. I am confident that Fidor will continue on its trajectory of growing its customer base alongside its new shareholder.”
 
The closing of the transaction will be subject to customary regulatory change of control approval from the European Central Bank and BaFin as well as clearance from the German competition authority, expected in the fourth quarter of 2016.

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