Princess Private Equity Holding Ltd NAV increases by 2.7% (0444W)
July 30 2018 - 1:00AM
UK Regulatory
TIDMPEY TIDMPEYS
RNS Number : 0444W
Princess Private Equity Holding Ltd
30 July 2018
News Release
Guernsey, 30 July 2018
NAV increases by 2.7%
-- Princess Private Equity Holding Limited's (Princess) net
asset value increased by 2.7% to EUR 11.06 per share, net of the
interim dividend of EUR 0.28 per share
-- Portfolio developments were positive (3.4%) and currency movements were negative (-0.2%)
-- Princess received distributions of EUR 12.6 million and
invested EUR 24.9 million over the reporting period
The direct investments Permotio International Learning
(Permotio) and Varsity Brands were the largest contributors to NAV
growth during June. Permotio, an investment vehicle formed to
create a leading international schools group through a "buy and
build" strategy, was positively revalued reflecting an increase in
EBITDA driven by M&A activity. During the first half of 2018,
the group continued to grow via the acquisition of schools in the
UK, Costa Rica and Spain. Since Partners Group's initial investment
in October 2013, Permotio has built a platform of 32 schools across
nine countries, and continues to work on an active pipeline of
potential acquisitions. Varsity Brands, a US-based manufacturer and
distributor of sports and affinity products to the K-12 and
collegiate student market, was written up over the second quarter
of 2018 to reflect its sale to Bain Capital. The exit valuation
represents an uplift of over 80% compared to Varsity's carrying
value as of 31 May 2018. Princess will receive proceeds of
approximately EUR 9.7 million following the closing of the
transaction. Since the initial investment in December 2014,
Partners Group has helped the BSN Sports and Varsity Spirit
business segments expand their market share by completing numerous
add-on acquisitions. Varsity Brands also launched the corporate
IMPACT program, which leverages existing product expertise and
customer networks to drive cross-selling across business
segments.
Princess received distributions of EUR 12.6 million during the
month, including EUR 3.6 million in proceeds from the realization
of the debt investment in Cooperation Pharmaceutique Francaise. The
remaining EUR 9.0 million of distributions came predominantly from
Princess' mature legacy fund portfolio.
Princess invested a total of EUR 24.9 million during the month,
of which EUR 14.1 million was invested in SRS Distribution ("SRS").
SRS is the third largest roofing products distributor in the United
States and is considered an attractive investment due to its proven
multi-pronged growth strategy, world-class management team and
defensible market position. EUR 8.6 million was invested in Amann
Girrbach, a developer and manufacturer in digital dentistry, which
offers integrated and comprehensive solutions for the in-lab and
chairside computer-aided design and computer-aided manufacturing
market. The company benefits from strong secular tailwinds, a
leading market position in Europe and a significant market
opportunity in the US and China.
Princess will hold its quarterly investor conference call on 15
August 2018 10:00 AM BST / 11:00 AM CET and will provide a detailed
update on the recent portfolio developments. Please find the dial
in details on the Princess' webpage.
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 EUR 67.1 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 Main Market of the London Stock Exchange (ticker:
PEY for the Euro Quote; PEYS for the Sterling Quote).
Contacts
Princess Private Equity Holding Limited:
princess@partnersgroup.com
www.princess-privateequity.net
Registered Number: 35241
LEI: 54930038LU8RDPFFVJ57
Investor relations contact
George Crowe
Phone: +44 (0)20 7575 2771
Email: george.crowe@partnersgroup.com
Media relations contact
Jenny Blinch
Phone: +44 207 575 2571
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 news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
STRUBSURWNABUAR
(END) Dow Jones Newswires
July 30, 2018 02:00 ET (06:00 GMT)
Princess Private Equity (LSE:PEY)
Historical Stock Chart
From Apr 2024 to May 2024
Princess Private Equity (LSE:PEY)
Historical Stock Chart
From May 2023 to May 2024