Law firm Dechert has advised private equity firm Capital Z Partners as the lead investor in the placing by Jelf Group of up to 27,713,939 new ordinary shares and 25,063,838 new non-voting convertible shares to raise approximately GBP19m before expenses.
Cenkos Securities acted as broker to Jelf.
The placing consists of the issue of 27,713,939 placing shares to institutional and other investors, including Cap Z Partners III and by the issue of 25,063,838 new Non-voting convertible shares to Cap Z.
In addition to subscribing for the placing shares and the 25,063,838 new non-voting convertible shares Cap Z has acquired the entire shareholding of 3i Group.
Following its acquisition of placing shares and the shareholding of 3i Group, Cap Z will hold a minimum of 25.01 per cent, but less than 30 per cent of the company’s enlarged ordinary share capital.
A key feature of the fundraising is the investment by Cap Z and other institutional investors and their endorsement of the company’s strategy.
The Dechert London corporate team advising Cap Z was led by partner Graham Defries (pictured), assisted by fellow partner Sean Geraghty and senior associate Andrew Harrow.
Defries says: “It’s a privilege to work with Capital Z again. This deal involves an elite group of investors, and demonstrates that life is returning to the European private equity sector.”
