REG-JZ Capital Partners Ltd: Update on Flex Pack Proposal

JZ Capital PartnersAnnouncement

13/05/2024 07:15

JZ CAPITAL PARTNERS LIMITED (the "Company")
(a closed-ended investment company incorporated with limited liability under
the laws of Guernsey with registered number 48761)

LEI: 549300TZCK08Q16HHU44

UPDATE ON FLEX PACK PROPOSAL

13 May 2024

Unless otherwise defined herein, capitalised terms used in this announcement
have the meanings given to them in the circular of the Company dated 18 April
2024 (the "Circular").

Flex Pack Proposal

Further to the announcements made by the Company on 18 April 2024 and 8 May
2024 and the obtaining of Shareholder approval at the recent Extraordinary
General Meeting of the Company, the Company is pleased to announce that it has
now entered into an agreement with the Secondary Fund to give effect to the
Flex Pack Proposal. Shareholders are reminded that pursuant to that agreement,
the Company will invest up to approximately US$20.5 million into the Secondary
Fund, with the Secondary Fund to use such amount, together with additional
amounts invested by other investors in the Secondary Fund (the "Other SF
Investors") to make an investment into a newly incorporated company, The RC
Acquisition, LLC ("Follow-on Flex Pack") that is a related company of, and
incorporated in a parallel structure to, ACW Flex Pack, LLC ("Existing Flex
Pack").

Robinette Acquisition

As mentioned in the Circular and the announcement made by the Company on 18
April 2024, Follow-on Flex Pack was formed for the purpose of making
acquisitions that are complementary to the business of Existing Flex Pack and,
at the time of that announcement, one such business had already been
identified and in respect of which negotiations were described as being at a
reasonably advanced stage. The Company is now pleased to announce that an
agreement for Follow-on Flex Pack's acquisition of that business, being The
Robinette Company ("Robinette"), has been reached and that the acquisition has
completed.

The Robinette Company is a full-service paper and film packaging manufacturer
and converter specialising in sustainable packaging for the food, beverage,
nutraceutical, construction, textile and health care markets. The amount of
the Company's committed investment into the Secondary Fund that has been
allocated to the acquisition of Robinette is approximately US$12.2 million,
with the Other SF Investors' respective committed investments being undertaken
on a pro-rata basis in accordance with their respective proportionate
interests as described in the Circular and the aforementioned announcement.

As also explained in those documents, it remains the intention that further
complementary businesses will be sought to be identified and acquired by
Follow-on Flex Pack and for which up to the remaining amounts of the Company's
(along with the Other SF Investors') respective committed investments will be
used to (among other things) make such acquisitions.

Further details of the Flex Pack Proposal are set out in the Circular and in
the announcement made by the Company on 18 April 2024.

Proposed Return of Capital

As previously announced, it remains the Company's intention to commence
returning capital to its Shareholders initially in an amount of approximately
US$40 million as soon as possible and which the Company still expects will
take place by the end of July 2024. A further announcement is intended to be
released in due course in connection with the proposed initial return of
capital and any Shareholder approvals that may be required.

For further information:

 Kit Dunford / Ed Berry                                                            +44 (0)7717 417 038 / +44 (0)7703 330 199  
 			FTI Consulting                                                                                                            
 David Zalaznick                                                                   +1 (212) 485 9410                          
 			Jordan/Zalaznick Advisers, Inc.                                                                                           
 Matt Smart                                                                        +44 (0) 1481 745228                        
 			Northern Trust International Fund Administration Services (Guernsey) Limited                                              

Important Notice

This announcement contains a number of "forward-looking statements".
Generally, the words "will", "may", "should", "continue", "believes",
"expects", "intends", "anticipates", "forecast", "plan" and "project" or in
each case, their negative, or similar expressions identify forward-looking
statements. Such statements reflect the relevant company's current views with
respect to future events and are subject to risks, assumptions and
uncertainties that could cause the actual results to differ materially from
those expressed or implied in the forward-looking statements. Many of these
risks, assumptions and uncertainties relate to factors that are beyond the
companies' abilities to control or estimate precisely, such as future market
conditions, changes in general economic and business conditions, introduction
of competing products and services, lack of acceptance of new products or
services and the behaviour of other market participants. Although the Company
believes that the expectations reflected in such forward-looking statements
are reasonable, no assurance can be given that such expectations will prove to
have been correct. Shareholders should not, therefore, place undue reliance on
these forward-looking statements, which speak only as of the date of this
document. Except as required by applicable law or regulation, the Company
expressly disclaims any obligation or undertaking to release publicly any
updates or revisions to any forward-looking statements contained in this
document to reflect any change in the Company's expectations with regard
thereto or any change in events, conditions or circumstances on which any such
statement is based.



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