Princess Private Equity Holding Ltd NAV increases by 0.6% (5223S)
December 22 2016 - 1:05AM
UK Regulatory
TIDMPEY
RNS Number : 5223S
Princess Private Equity Holding Ltd
22 December 2016
News Release
Guernsey, 22 December 2016
NAV increases by 0.6%
-- Princess Private Equity Holding Limited's ("Princess") net
asset value ("NAV") increased by 0.6% to EUR 9.98 per share,
adjusted for the interim dividend of EUR 0.27 per share
-- Currency movements (+0.7%) and overall portfolio developments (+0.2%) were positive
-- Princess received distributions of EUR 5.1 million and
invested EUR 5.9 million over the reporting period
During November, Princess' portfolio generated distributions of
EUR 5.1 million of which EUR 2.4 million stemmed from a dividend
payment from Varsity Brands, a US-based manufacturer of sports
products. The dividend was funded from balance sheet cash and
proceeds from the issuance of two add-on term loans, following the
company's successful deleveraging. Varsity Brands has achieved
considerable earnings growth since Partners Group's investment in
December 2014. EBITDA increased from USD 192.6 million at entry to
USD 226.9 million for the twelve months ended 30 September 2016.
The company's financial results were supported by organic growth
and the recent acquisitions of Lids Team Sports, an athletic
apparel and equipment provider, in January 2016; AllGoods, a
provider of customized apparel, in December 2015; and The JAM
Brands, a cheerleading products provider, in November 2015. The
remaining distributions of EUR 2.7 million came mainly from
Princess' mature legacy fund portfolio.
Princess made two new private debt investments during the month.
EUR 5.1 million was invested in the first lien debt of Logoplaste,
in support of the partial acquisition of the company by private
equity sponsor Carlyle Group. Founded in 1976 in Portugal,
Logoplaste is a designer and manufacturer of rigid plastic
packaging solutions to a wide range of blue-chip customers. The
company reported revenues of EUR 468 million in 2015 and currently
employs 2,000 staff in 16 countries across four continents.
Princess also invested EUR 1.3 million in the second lien debt of
Acrisure to support the management buyout of the company from
Genstar Capital. The transaction includes a significant investment
from private equity firm ABRY Partners. Founded in 2005, US-based
Acrisure is a regional insurance brokerage organization that
provides insurance and risk management solutions. The company
operates across 26 states in the US and employs more than 39,700
staff.
Further information is available in the monthly report which can
be accessed via:
http://www.princess-privateequity.net/financialreports.
Ends.
About Princess
Princess is an investment holding company founded in 1999 and
domiciled in Guernsey. It invests, inter alia, in private equity
and private debt investments. Princess is advised in its investment
activities by Partners Group, a global private markets investment
management firm with over EUR 49 billion in investment programs
under management in private equity, private debt, private real
estate and private infrastructure. Princess aims to provide
shareholders with long-term capital growth and an attractive
dividend yield. Princess is traded on the London Stock Exchange
(ticker symbol: PEY). Further information:
www.princess-privateequity.net.
Contacts
Princess Private Equity Holding Limited:
princess@partnersgroup.com
www.princess-privateequity.net
Registered Number: 35241
Investor relations contact
George Crowe
Phone: +44 (0)20 7575 2771
Email: george.crowe@partnersgroup.com
Media relations contact
Jenny Blinch
Phone: +41 41 784 65 26
Email: jenny.blinch@partnersgroup.com
www.partnersgroup.com
This document does not constitute an offer to sell or a
solicitation of an offer to buy or subscribe for any securities and
neither is it intended to be an investment advertisement or sales
instrument of Princess. The distribution of this document may be
restricted by law in certain jurisdictions. Persons into whose
possession this document comes must inform themselves about, and
observe any such restrictions on the distribution of this document.
In particular, this document and the information contained therein
are not for distribution or publication, neither directly nor
indirectly, in or into the United States of America, Canada,
Australia or Japan.
This document may have been prepared using financial information
contained in the books and records of the product described herein
as of the reporting date. This information is believed to be
accurate but has not been audited by any third party. This document
may describe past performance, which may not be indicative of
future results. No liability is accepted for any actions taken on
the basis of the information provided in this document. Neither the
contents of Princess' website nor the contents of any website
accessible from hyperlinks on Princess' website (or any other
website) is incorporated into, or forms part of, this
announcement.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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