NBPE Announces Valuation Uplift Following the Announced Acquisition of Patheon
May 17 2017 - 1:00AM
NBPE Announces Valuation Uplift
Following the Announced Acquisition of Patheon
17 May 2017
NB Private Equity Partners ("NBPE"
or the "Company") today announces an increase in valuation of its
second largest equity position, an investment in Patheon (NYSE:
PTHN). This follows Patheon's announcement on 15 May 2017 that it
was to be acquired by Thermo Fisher for $35 per share.
As of 31 March 2017, Patheon
represented approximately 2.3% of NBPE's diversified portfolio,
with a fair value of approximately $17.3 million. At the
acquisition price of $35 per share, NBPE's position is valued at
approximately $22.9 million, resulting in a valuation uplift of
approximately $5.6 million, or $0.12 per Share to NBPE's 31 March
2017 carrying value. On 15 May 2017, the closing price of Patheon
was $34.60 per share.
Patheon is a pharmaceutical
contract development and manufacturing organization. NBPE initially
invested in Patheon in March 2014 alongside JLL Partners.
Thermo Fisher's acquisition of Patheon represents a purchase
price of approximately $7.2 billion, including the assumption of
approximately $2.0 billion of net debt.
The transaction, which is expected
to be completed by the end of 2017, is subject to the satisfaction
of customary closing conditions, including the receipt of
applicable regulatory approvals, the adoption of certain
resolutions relating to the transaction at an Extraordinary General
Meeting of Patheon's shareholders, and completion of the tender
offer.
For further
information, please contact:
NBPE Investor
Relations +1
214 647 9593
Neustria
Partners
+44 20 3021 2580
Nick Henderson
Nick.Henderson@neustriapartners.com
Robert Bailhache
Robert.Bailhache@neustriapartners.com
Charles Gorman
Charles.Gorman@neustriapartners.com
ABOUT NB PRIVATE
EQUITY PARTNERS LIMITED
NBPE is a closed-end private equity investment company with class A
ordinary shares admitted to trading on Euronext Amsterdam and the
Premium Segment of the Main Market of the London Stock Exchange.
NBPE has 2017 ZDP shares admitted to trading on the Specialist Fund
Segment of the London Stock Exchange and the Daily Official List of
The International Stock Exchange and 2022 ZDP Shares admitted to
trading on the Specialist Fund Segment of the Main Market of the
London Stock Exchange. NBPE holds a diversified portfolio of direct
equity investments, direct income investments and fund investments
selected by the NB Alternatives group of Neuberger Berman,
diversified across private equity asset class, geography, industry,
vintage year, and sponsor.
ABOUT NEUBERGER
BERMAN
Neuberger Berman, founded in 1939,
is a private, independent, employee-owned investment manager. The
firm manages equities, fixed income, private equity and hedge fund
portfolios for institutions and advisors worldwide. With offices in
19 countries, Neuberger Berman's team is more than approximately
1,900 professionals, as of May 1, 2017. The company was named the
#1 firm in Pensions & Investments 2016 Best Places to Work in
Money Management survey (among those with 1,000 employees or more).
Tenured, stable and long-term in focus, the firm fosters an
investment culture of fundamental research and independent
thinking. It manages $267 billion in client assets as of March 31,
2017. For more information, please visit our website at
www.nb.com.
This press
release appears as a matter of record only and does not constitute
an offer to sell or a solicitation of an offer to purchase any
security.
NBPE is
established as a closed-end investment company domiciled in
Guernsey. NBPE has received the necessary consent of the Guernsey
Financial Services Commission and the States of Guernsey Policy
Council. NBPE is registered with the Dutch Authority for the
Financial Markets as a collective investment scheme which may offer
participations in The Netherlands pursuant to article 2:66 of the
Financial Markets Supervision Act (Wet op het financial toezicht).
All investments are subject to risk. Past performance is no
guarantee of future returns. The value of investments may
fluctuate. Results achieved in the past are no guarantee of future
results. This document is not intended to constitute legal, tax or
accounting advice or investment recommendations. Prospective
investors are advised to seek expert legal, financial, tax and
other professional advice before making any investment decision.
Statements contained in this document that are not historical facts
are based on current expectations, estimates, projections, opinions
and beliefs of NBPE's investment manager. Such statements involve
known and unknown risks, uncertainties and other factors, and undue
reliance should not be placed thereon. Additionally, this document
contains "forward-looking statements." Actual events or results or
the actual performance of NBPE may differ materially from those
reflected or contemplated in such targets or forward-looking
statements.
THE INFORMATION CONTAINED HEREIN IS NOT FOR
RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO AUSTRALIA, CANADA,
ITALY, DENMARK, JAPAN, THE UNITED STATES, OR TO ANY NATIONAL OF
SUCH JURISDICTIONS
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: NB Private Equity Partners Limited via
Globenewswire
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