Plymouth: MVC Private Equity Fund Completes Sale of Plymouth Rock Energy to ENGIE Resources

PURCHASE, N.Y., Dec. 21, 2018 (GLOBE NEWSWIRE) -- MVC Capital, Inc. (NYSE:MVC) ("MVC Capital"), a publicly-traded business development company that makes private debt and equity investments, announced that MVC Private Equity Fund, L.P. ("MVC PE Fund") has completed the sale of Plymouth Rock Energy ("Plymouth") to ENGIE Resources ("ENGIE").On October 29, 2018, ENGIE agreed to purchase Plymouth, a leading retail energy provider of natural gas and electricity. On December 19, 2018, the transaction closed. As a result of the sale, MVC PE Fund received a gross return on its equity investment of approximately 3.4X1, based on the equity investments made since November 2011.2Since inception of the MVC PE Fund, MVC Capital invested a total of $14.6 million in the MVC PE Fund. The MVC PE Fund has distributed 147% of the entire MVC PE Fund's contributed capital.3 There are three remaining investments in the MVC PE Fund, all valued above cost, as of the most recent valuation date. "The completed sale of Plymouth reflects continued progress of our stated strategy of monetizing our remaining equity investments and redeploying proceeds into yielding investments," said Michael Tokarz, Chairman and Portfolio Manager of MVC Capital."We thank the Plymouth team for their efforts to grow the business into a leading energy ...Full story available on Benzinga.com